Growth is Still on the Playlist With Spotify Stock
Music streaming and podcast powerhouse Spotify (SPOT) is another
name that outperformed in 2020, with pandemic-led tailwinds being
reflected in the stock’s price appreciation over the past year
(148% gain in the past twelve months). However, like other COVID-19
"stay-at-home" plays, some may fear this growth story is starting
to cool. As a result, Spotify shares have held steady between
around $310 and $360 since December. While this isn’t a cheap stock
by any means, SPOT looks attractive at today’s prices.
Profitability remains many years off as the company continues to
scale up, but if it maintains double-digit growth, it could exceed
Wall Street’s muted expectations in 2021.