On July 17, Spotify declined 3.85% in regular trading, trading at $465.865/share, with turnover of $84.76 million. The decline was primarily driven by sector linkage as industry leader Netflix plunged 10.72%, broadly pressuring the Movies and Entertainment sector.

Multiple investment banks recently lowered their price targets on Spotify. UBS cut its target from $735 to $690 while maintaining a Buy rating, expecting Q2 results to come in largely in line with management guidance, supported by accelerating FX-neutral revenue growth and higher pricing. Wells Fargo also reduced its target from $600 to $570, maintaining an Overweight rating.

Within the Movies and Entertainment sector, Netflix fell 10.72%, Walt Disney declined 0.34%, TKO Group Holdings dropped 0.34%, Warner Bros. Discovery was flat, and Roku rose 0.43%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)