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Citi analyst Jason B. Bazinet noted that Spotify Technology S.A. (NYSE: SPOT) has been building a broader audio platform that spans both Music and Podcasts for several years.
He noted that these investments have not helped or hurt gross margins.
However, with larger tailwinds from Marketplace and smaller headwinds from Podcasting, he expected gross margin expansion in 2023 and beyond.
All of which should be bullish for the firm’s equity value.
Bazinet reiterated a Buy on the stock.
Last week, Wells Fargo upgraded its rating on the stock following its June 2022 investor day.
Price Action: SPOT shares traded higher by 3.20% at $102.51 on the last check Thursday.
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