Consumer Discretionary

BofA Bets On Spotify, Sees Scope For Share Repurchase Program Initiation After New CFO Announcement

/ / Consumer Discretionary /

BofA Securities analyst Jessica Reif Ehrlich raised the price target of Spotify Technology S.A. (NYSE:SPOT) to $315 from $265 and reiterated the Buy rating. The analyst is confident that the company’s first quarter FY24 results will be at least in line with guidance, including revenue, premium subscribers, and MAUs. Also, the analyst writes that they are confident about sustainability of share price momentum led by subscriber growth, monetization opportunities, scaling of advertising and continued operating leverage. Given the strong balance sheet and FCF trajectory, the analyst notes ample capacity to start a share repurchase program (likely after the new CFO announcement), which could be a share price driving factor in the second half. The analyst adjusted the first-quarter forecast to reflect higher social costs, lowering operating income to €121 million (from €180 million). The analyst slightly lowered CY24 estimates mainly due to foreign exchange adjustments. Meanwhile, the analyst raised the estimates for CY25 and CY26 […]

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Netflix’s Sports Content Expands With Docu-Series on NFL Receivers

/ / Consumer Discretionary /

Netflix’s sports ambitions continue to grow. The streaming giant announces plans to premiere a docu-series on select receivers in the National Football League later this year. The docu-series will likely be in a similar mold to the one made on select NFL quarterbacks as it comes from the same creators. Netflix has focused more on sports programming after success with some of its shows such as “Quarterback”; the company in January announced a $5 billion, multiyear deal with WWE wrestling. One of the next ventures is a livestreamed boxing match featuring former heavyweight champ Mike Tyson and YouTube star-turned-boxer Jake Paul.

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Chipotle Board Approves 50-for-1 Stock Split — WSJ

/ / Consumer Discretionary /

By Sabela Ojea Chipotle Mexican Grill said it plans to do a 50-for-1 stock split to make its shares more accessible to employees and a broader range of investors. The restaurant chain said its board approved the first stock split in its 30-year history. The company will seek shareholder approval for the split at its annual meeting on June 6. The company’s stock closed Tuesday at $2,797.56, up 22% since the beginning of the year and 74% over the past 12 months. Should the stock split get approved, the stock would trade around $56, based on the closing price Tuesday. The company currently has about 27.4 million shares outstanding. If the split gets approved, shareholders would receive 49 additional shares for each share held, to be distributed after the market close on June 25. Chipotle’s shares are expected to trade on a post-split basis starting on June 26, the company

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