Spotify Analyst Finds Risk-Reward Compelling, But Sees Audiobooks Immaterial Into Year-End And 2023
Spotify Analyst Finds Risk-Reward Compelling, But Sees Audiobooks Immaterial Into Year-End And 2023
Spotify Technology SA (NYSE:SPOT) launched audiobooks in the U.S. last week.
Spotify Technology SA(纽约证券交易所股票代码：Spot)上周在美国推出有声读物。
What Happened: Commenting on the development, KeyBanc Capital Markets analyst Justin Patterson reiterated an Overweight rating and a $148 price target for Spotify shares.
发生的事情：在评论事态发展时，KeyBanc资本市场分析员贾斯汀·帕特森重申Spotify股票的增持评级和148美元的目标价。
Audiobooks could be immaterial to Spotify's performance into the year-end and likely in 2023, too, Patterson said in a note.
帕特森在一份报告中表示，有声读物可能对Spotify在年底以及2023年的表现无关紧要。
Citing reasons for the deduction, the analyst said the revenue model for audiobooks is entirely transactional at launch. Secondly, it will take meaningful audiobook sales to move the needle, Patterson added.
这位分析师援引扣减的原因说，有声读物的收入模式在推出时完全是交易型的。其次，帕特森补充说，有声书的销售将需要有意义的进展。
See Also: Apple In Trouble As Spotify Chief Canvasses EU To Heighten Regulatory Action Against The iPhone Maker
另见： 苹果陷入困境，Spotify首席执行官游说欧盟加强对这家iPhone制造商的监管行动
The analyst currently estimates audiobook sales of over two million units in the fourth quarter. This would add only less than 20 basis points to gross margin percentage, he added.
这位分析师目前估计，第四季度有声读物的销量将超过200万本。他补充称，这只会使毛利率提高不到20个基点。
Spotify's entry prices are competitive against smaller platforms, slightly more expensive than Amazon Inc.'s (NASDAQ:AMZN) Audible and well above Apple Inc. (NASDAQ:AAPL) and Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), Patterson noted.
Spotify的入门价格与较小的平台相比具有竞争力，略高于亚马逊公司's(纳斯达克：amzn)可听见而且远远高于苹果。(纳斯达克：苹果)和Alphabet公司(纳斯达克：谷歌)(纳斯达克：谷歌)，帕特森指出。
"Our view is Spotify will adjust pricing and its model as it learns more from initial user behavior," he said.
“我们的观点是，Spotify将调整定价和模式，因为它从最初的用户行为中学到了更多东西，”他说。
As the company improves discovery and selection and refines its model over the medium term, the analyst sees an opportunity for the gross margin to exceed 40% and lift consolidated gross margin into the low- to mid-30% range.
随着该公司在中期内改进发现和选择并完善其模式，分析师认为毛利率有机会超过40%，并将综合毛利率提升到中低30%的范围。
"We continue to find risk/reward compelling, with shares trading at 1.1x 2023E EV/S," he added.
“我们继续发现风险/回报令人信服，股票交易价格为1.1倍2023EV/S，”他补充道。
Price Action: In premarket trading, Spotify shares were rising 1.28% to $90.28, according to Benzinga Pro data.
价格行动：根据Benzinga Pro的数据，在盘前交易中，Spotify的股价上涨了1.28%，至90.28美元。