Spotify Technology S.A.'s stock plummeted 5.01% during pre-market trading on Thursday, following a significant downward revision of its price target by a major financial institution.
The sharp decline came after Deutsche Bank lowered its target price for Spotify to $675 from $775, representing a cut of approximately 12.9%. Analyst target price reductions often signal concerns about a company's future earnings potential or valuation, prompting investors to reassess their positions.
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