尽管Spotify股价较一年前已翻倍有余，华尔街分析师仍持续看好其表现。雷蒙德·詹姆斯分析师团队近日将这家瑞典流媒体巨头的目标价从635美元大幅调升至805美元，预期其二季度高级订阅用户将环比增长500万。
然而美元兑欧元持续走弱，迫使分析师将二季度营收预测下调至42.5亿欧元（约合49.5亿美元），低于公司自身43亿欧元的预期。每股收益预估更从2.01欧元骤降至1.67欧元，远低于市场共识。
汇率波动成为关键掣肘——尽管欧洲贡献37%的高级订阅用户，但北美（26%）和拉美（23%）两大市场以美元结算的收入，折算为欧元后显著缩水。"从基本面看，业务健康状况良好，"分析师强调，"随着与竞争对手差距拉大，毛利率和营业利润率的持续提升值得期待。"
市场反应颇为矛盾：目标价上调的利好未能阻挡股价下跌2.5%至699.27美元，同期标普500指数基本持平。分析师维持二季度2.73亿订阅用户总数和31.5%毛利率的预测，与公司指引一致。7月29日盘前发布的财报将验证这些预期。
"在稳定增长的市场中，Spotify强大的竞争优势更可能带来超预期表现，"分析师团队在报告中指出。这家音频巨头仍被视作具备显著增长潜力的标的，汇率逆风或难掩其长期价值。
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