Bernstein analyst Todd Juenger has downgraded his rating on the stock of music streaming giant Spotify from "market perform" to "underperform," citing its run-up since a big podcasting deal with Joe Rogan.
But he raised his stock price target from $134 to $172. The stock in pre-market trading on Monday was down slightly at $269, giving it a market capitalization of about $51 billion.
Spotify, led by CEO Daniel Ek, had on May 19 unveiledits multiyear Rogan deal. The day before that, the shares had closed at $161.43. "The market has added about $20 billon of value (+70 percent) to Spotify" since then, Juenger wrote in his Monday report.
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