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(紐約證券交易所股票代碼：Spot)上週在美國推出有聲讀物。
What Happened: Commenting on the development, KeyBanc Capital Markets analyst Justin Patterson reiterated an Overweight rating and a $148 price target for Spotify shares.
發生的事情：在評論事態發展時，KeyBanc資本市場分析員賈斯汀·帕特森重申Spotify股票的增持評級和148美元的目標價。
Audiobooks could be immaterial to Spotify's performance into the year-end and likely in 2023, too, Patterson said in a note.
帕特森在一份報告中表示，有聲讀物可能對Spotify在年底以及2023年的表現無關緊要。
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.
這位分析師援引扣減的原因説，有聲讀物的收入模式在推出時完全是交易型的。其次，帕特森補充説，有聲書的銷售將需要有意義的進展。
See Also: Apple In Trouble As Spotify Chief Canvasses EU To Heighten Regulatory Action Against The iPhone Maker
另見： 蘋果陷入困境，Spotify首席執行官遊説歐盟加強對這家iPhone製造商的監管行動
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.
這位分析師目前估計，第四季度有聲讀物的銷量將超過200萬本。他補充稱，這隻會使毛利率提高不到20個基點。
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的入門價格與較小的平臺相比具有競爭力，略高於亞馬遜公司's(納斯達克：amzn)可聽見而且遠遠高於蘋果。(納斯達克：蘋果)和Alphabet公司(納斯達克：谷歌)(納斯達克：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.
“我們的觀點是，Spotify將調整定價和模式，因為它從最初的用户行為中學到了更多東西，”他説。
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.
隨着該公司在中期內改進發現和選擇並完善其模式，分析師認為毛利率有機會超過40%，並將綜合毛利率提升到中低30%的範圍。
"We continue to find risk/reward compelling, with shares trading at 1.1x 2023E EV/S," he added.
“我們繼續發現風險/回報令人信服，股票交易價格為1.1倍2023EV/S，”他補充道。
Price Action: In premarket trading, Spotify shares were rising 1.28% to $90.28, according to Benzinga Pro data.
價格行動：根據Benzinga Pro的數據，在盤前交易中，Spotify的股價上漲了1.28%，至90.28美元。