大行評級|摩根大通:上調Spotify目標價至375美元 對美國用户升價將推動年化收入增量4.8億歐元
摩根大通發表報吿指,音樂流媒體平台Spotify歷來第二次在美國加價,按該行對計劃組合及地域分析,公司對美國用户升價將推動年化收入增量4.8億歐元,若對國際用户提價,收入增長將有再上升空間。該行相信加價將導致對公司有利的單位經濟,重申對該股“增持”評級,目標價由365美元上調至375美元,為2025年預測自由現金流33.5倍。
該行預期加價對客户流失及訂户增加的負面影響微小,基於公司去年加價後,客户流失情況符預期,毛增加用户則勝預期,反映公司的定價權。公司亦繼續透過內容深度強化其計劃的價值,且公司的深度資料及強勁內容、個人化等乃同業中最佳且難以複製,令“轉枱”對客户並不吸引。
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