Spotify extended losses after bleak Q1 forecast, PT cuts. Reuters

Shares of Swedish music streaming platform Spotify Technology (SPOT.N) down 16.8% at $159.67 and on track for record one-day pct loss with brisk trading volume after weaker-than-expected Q1 subscriber numbers.

. Spotify shares have also been hit recently by a COVID-19 misinformation backlash related to its continued streaming of The Joe Rogan Experience podcast on its platform. Neil Young removed his music from Spotify and artists including Joni Mitchell followed suit in protest of Rogan's COVID-19 views.
The stock had some brief support earlier in the week after prominent vaccine skeptic Rogan apologized. About 270 scientists and medical professionals had written to urge Spotify to prevent Rogan spreading falsehoods.
After Wednesday's news, at least 5 brokerages cut their PTs on the stock.
Shares of SPOT have fallen significantly in the past two years. In 2021, the stock fell by 25.6%. In 2022, it has fallen by another 32%.
Benchmark kept its "buy" rating, saying the long-term story is intact, but it cut its price target to $260 from $300.
30 analysts cover SPOT. 18 rate it a buy or strong buy, 8 rate it a hold, and 4 rate it a sell or strong sell. The median price target is $255, down from $310 in early Jan.
Credit Suisse says it remains concerned regarding content costs, as music labels will remain difficult partners. It expects leading podcast talent to be pricey when renewing exclusive contracts in coming years, adding that competition might restrain pricing power and platform monetization.

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