(Hypebot) — Spotify stock closed Tuesday at $203.62 up another $7.36 or 3.75% after also closing up 13.5% Monday
The two-day 17.25% total increase came as investors showed that they were unconcerned that Neil Young, Joni Mitchell and others had sparked a very public movement to boycott the streamer.
Spotify and anti-vax podcaster Joe Rogan each offered their version of an apology and pledged to do better, but the reason for the jump was an upgrade from a single analyst.
Both Spotify (NYSE:SPOT) and Netflix (NASDAQ:NFLX) were upgraded by Citi analyst Jason Bazinet who raised his rating to a buy, noting that the value per subscriber analysis “suggests prevailing equity values don’t assume material sub growth or improving subscriber economics beyond 2023.” Bazinet also said that Spotify can boost revenue through “ad-supported monetization.”
This came just prior to Spotify’s Q4 Earnings Call scheduled for after the market closes on Wednesday.
Bruce Houghton is Founder and Editor of Hypebot and MusicThinkTank and serves as a Senior Advisor to Bandsintown which acquired both publications in 2019. He is the Founder and President of the Skyline Artists Agency and a professor for the Berklee College Of Music.