** 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 read more

*** SPOT shares have also been hit recently by a COVID-19 mininformation 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 and Spotify promised "content advisory" for episodes with COVID discussions. About 270 scientists and medical professionals had written to urge Spotify to prevent Rogan spreading falsehoods read more

** At least 5 brokerages cut their PTs on stock after Wednesday's news read more

** SPOT shares have fallen ~32% so far in 2022 after already tumbling 25.6% in 2021

** Benchmark kept 'buy' rating saying :"long-term story intact" but it cut price target to $260 from $300

** Of 30 analysts covering SPOT, 18 rate it'buy' or 'strong buy' while 8 rate it 'hold' and 4 rate it 'sell' or 'strong sell'; their median PT is $255, down from $310 in early Jan, according to Refinitiv Data

** Credit Suisse says it remains concerned regarding content costs, as music labels will remain difficult partners and 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

Reporting by Eva Mathews in Bengaluru, Sinéad Carew in New York

Source: Reuters

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