Monness, Crespi, Hardt & Co. analyst Brian White downgraded audio streamer Spotify to Neutral from Buy. The stock has doubled this year.
Spotify Technology stock has almost doubled to far this year, but the stock was spiraling lower on Thursday after an analyst downgraded the music and audio streaming service and said its “darkest days” are ahead.
The MCH analyst downgraded Spotify stock to Neutral from Buy, and removed his price target on the shares, which closed at $153.75 on Wednesday, citing risks from a wider downturn amid price hikes being rolled out by Spotify.
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