Bank of America is Bullish on Spotify StockSpotify stock has been in a downward trend, a situation that worsened a few months ago when it published its quarterly earnings. Its report showed that its revenue rose by 8% to $5.3 billion, while its monthly active users soared 12% to 761 million. Despite its company publishing strong numbers, the stock retreated because its guidance was a bit soft, with management guiding to 6 million premium subscriber additions in the second quarter. Analysts were expecting the real premium subscribers to be 300.4 million.In a note, a Bank of America analyst predicted that the company was well positioned to grow this year. Jessica Reif Ehrlich, the analyst, added that Spotify has:
"laid out an impressive compelling product roadmap and attractive financial targets, and now the focus will turn to execution. We now see even greater clarity for continued profit and [free cash flow] growth including price increases, new tiers and further penetration of incremental services including podcasting, audiobooks and fitness."
