Keybanc Hikes Spotify Technology S.A. (SPOT)'s Price Target To $860, Maintains Overweight Rating
Copyright: dennizn / 123RF Stock Photo
The firm said that it expects Spotify Technology S.A. (NYSE:SPOT)'s second-quarter results and guidance for the third quarter to contain some variability related to foreign exchange, seasonal gross margin dynamics, and social charges.
The analyst has advised investors to buy any near-term dips and reiterated that its core thesis remains intact. Keybanc believes that music is under-monetized in a price inflationary market with favorable competitive dynamics and several initiatives that support high-teens revenue growth.
In other news, Deutsche Bank on Wednesday also raised Spotify Technology S.A. (NYSE:SPOT)'s target price to $775 from $700 and maintained a Buy rating for its shares. The Luxembourg-based company, which provides digital music-streaming services worldwide, has seen impressive returns in 2025, gaining 51% year-to-date.
While we acknowledge the potential of SPOT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
READ NEXT: 10 Best Small Cap Defense Stocks to Buy According to Hedge Funds and 13 Best Booming Stocks to Buy Now.
Disclosure: None.
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Perseus Mining June Quarter Report
A Final Investment Decision (FID) was taken during the quarter to develop the Nyanzaga Gold Project (NGP). Site works are accelerating and are on-budget and on schedule, consistent with the target of first gold production in January 2027. PERTH, Western Australia/July 28, 2025/ Perseus Mining Limited ('Perseus' or the 'Company') (TSX & ASX: PRU) reports on its activities for the three months' period ended June 30, 2024 (the 'Quarter'). Below is a summary of the release. The full report is available at , and Story Continues GROUP GOLD PRODUCTION AND COST GUIDANCE Group gold production and AISC market guidance for FY26 is as follows: Table 10: Production and AISC Guidance PARAMETER UNITS 2026 FINANCIAL YEAR FORECAST Yaouré Gold Mine Production Ounces 168,000 – 184,000 All-in Site Cost USD per ounce $1,500 – $1,660 Edikan Gold Mine Production Ounces 154,000 – 169,000 All-in Site Cost USD per ounce $1,420 – $1,570 Sissingué Gold Mine Production Ounces 78,000 – 87,000 All-in Site Cost USD per ounce $1,470 – $1,620 PERSEUS GROUP Production Ounces 400,000 – 440,000 All-in Site Cost USD per ounce $1,460 – $1,620 The rise relative to prior periods in Perseus's guided AISC in FY25 as noted above can be attributed to a range of factors which have been considered in forecasting future operating costs, including an assumed gold price of US$2,700 per ounce for the period. A trend of rising costs is evident in the global gold sector, including in West Africa, driven by a range of factors, not the least of which is a steady increase in royalties and indirect charges payable to host governments (and others) which are a function of prevailing gold prices. In other words, as the price of gold rises, so too do expectations by host governments and host communities of an increasing share of the higher gold prices. This occurs in the form of higher royalty and gold price linked indirect charges by governments as well as an increase in the cost of land access and contributions to community assistance funds, demanded by host communities. Other factors that impact Perseus's operating costs include the rising cost of wages, freight costs and therefore consumables and the fact that in some operations, as they mature, haul distances and elevations increase and facilities such as tailings dams require expansion. In addition, forecast costs are impacted by site specific factors outside of Perseus's control such as at Yaouré, where an expected interruption is expected to the availability of power from the Ivorian power grid in H1 FY26 caused by planned maintenance of power stations that contribute power to the grid. It has been assumed that Perseus will be required to make significantly more use of its standby generators during this period which operate at a cost that is materially above grid power costs. SEptember 2025 QUARTER EVENTS & ANNOUNCEMENTS 22 July – Resource Definition Drilling Update for Nyanzaga Gold Project 28 July – June 2025 Quarterly Report & Webinar 27 August – Annual Mineral Resources and Ore Reserves Update 28 August – Financial Year 2024 Annual Report & Webinar 14-17 September - Mining Forum Americas Competent Person Statement All production targets referred to in this release are underpinned by estimated Ore Reserves which have been prepared by competent persons in accordance with the requirements of the JORC Code. Edikan The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Edikan was updated by the Company in a market announcement 'Perseus Mining updates Mineral Resources and Ore Reserves' released on 21August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Edikan Gold Mine, Ghana' dated 7 April 2022 continue to apply. Sissingué, Fimbiasso and Bagoé The information in this release that relates to the Mineral Resources and Ore Reserve at the Sissingué complex was updated by the Company in a market announcement 'Perseus Mining updates Mineral Resources and Ore Reserves' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Sissingué Gold Project, Côte d'Ivoire' dated 29 May 2015 continue to apply. Yaouré The information in this release that relates to the Open Pit and Underground Mineral Resources and Ore Reserve at Yaouré was updated by the Company in a market announcement 'Perseus Mining updates Mineral Resources and Ore Reserves' released on 21 August 2024. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Yaouré Gold Project, Côte d'Ivoire' dated 19 December 2023 continue to apply. Nyanzaga Gold Project The information in this report that relates to the Mineral Resources and Ore Reserve at Nyanzaga was updated by the Company in a market announcement 'Perseus Mining proceeds with development of the Nyanzaga Gold Project' released on 28 April 2025. The Company confirms that all material assumptions underpinning those estimates and the production targets, or the forecast financial information derived therefrom, in that market release continue to apply and have not materially changed. The Company further confirms that material assumptions underpinning the estimates of Ore Reserves described in 'Technical Report — Nyanzaga Gold Project' dated 10 June 2025 continue to apply. The information in this report relating to Nyanzaga exploration results was first reported by the Company in compliance with the JORC Code 2012 and NI43-101 in a market update 'Perseus Mining Delivers Encouraging Drilling Results from its Current Drill Program at the Nyanzaga Gold Project' released on 22 July 2025. The Company confirms that it is not aware of any new information or data that materially affect the information in that market release. Meyas Sand Gold Project The information in this report that relates to the mineral resources and probable reserves of the Meyas Sand Gold Project was first reported by the Company in a market announcement 'Perseus Enters Into Agreement to Acquire Orca Gold Inc.' released on 28 February 2022. The Company confirms it is not in possession of any new information or data relating to those estimates that materially impacts of the reliability of the estimate of the Company's ability to verify the estimate as a mineral resource or ore reserve in accordance with Appendix 5A (JORC Code) and the information in that original market release continues to apply and have not materially changed. These estimates are prepared in accordance with Canadian National Instrument 43-101 standards and have not been reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the resource in accordance with the JORC Code and it is uncertain that following evaluation and/or further exploration work that the estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code. This release and all technical information regarding Orca's NI 43-101 have been reviewed and approved by Adrian Ralph, a Qualified Person for the purposes of NI 43-101. Caution Regarding Forward Looking Information: This report contains forward-looking information which is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management of the Company believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Assumptions have been made by the Company regarding, among other things: the price of gold, continuing commercial production at the Yaouré Gold Mine, the Edikan Gold Mine and the Sissingué Gold Mine without any major disruption, development of a mine at Nyanzaga, the receipt of required governmental approvals, the accuracy of capital and operating cost estimates, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain financing as and when required and on reasonable terms. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used by the Company. Although management believes that the assumptions made by the Company and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any anticipated future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the actual market price of gold, the actual results of current exploration, the actual results of future exploration, changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents. Readers should not place undue reliance on forward-looking information. Perseus does not undertake to update any forward-looking information, except in accordance with applicable securities laws. This market announcement was authorised for release by the Board of Perseus Mining Limited. ASX/TSX CODE: PRU CAPITAL STRUCTURE: Ordinary shares: 1,353,991,309 Performance rights: 9,328,134 REGISTERED OFFICE: Level 2 437 Roberts Road Subiaco WA 6008 Telephone: +61 8 6144 1700 DIRECTORS: Rick Menell Non-Executive Chairman Jeff Quartermaine Managing Director & CEO Amber Banfield Non-Executive Director Elissa Cornelius Non-Executive Director Dan Lougher Non-Executive Director John McGloin Non-Executive Director James Rutherford Non-Executive Director CONTACTS: Jeff Quartermaine Managing Director & CEO Stephen Forman Investor Relations +61 484 036 681 Nathan Ryan Media +61 420 582 887 Attachment
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Joby Aviation Stock Soars to an All-Time High: My Prediction for What Comes Next
Key Points Joby Aviation stock is soaring on optimism for its electric air taxi network. The company is aiming to ramp up manufacturing and finish its FAA certification. The stock trades at an expensive price versus any reasonable expectations for future revenue. 10 stocks we like better than Joby Aviation › Nobody enjoys sitting in traffic. And yet, the average American will sit in over two weeks of traffic each year. One company believes it has paved a way to help alleviate the traffic pressure in cities around the globe: Joby Aviation (NYSE: JOBY). It is manufacturing and testing electric air taxis, which can go point-to-point over cities more quietly than traditional helicopters, saving people time and frustration. Joby's air taxis are not operational yet, but the stock recently burst through to an all-time high of $17.50 a share on investor enthusiasm for its manufacturing progress and partnerships with large transportation players. It now has a market cap of $14.8 billion even though it generates zero dollars in revenue. Here's my prediction for what comes next with Joby Aviation stock. Betting big on air taxis Utilizing electric motor technology and innovations in aerodynamics, Joby Aviation has created a vertical takeoff vehicle that is quiet enough to leave from residential neighborhoods. It is manned by a pilot, can fit four riders, and has a top speed of 200 miles per hour. The company is planning to set up point-to-point networks in major cities such as New York, where customers will be able to hop from Manhattan directly to the airport, shaving off time that would have been spent sitting in traffic. The company is not officially operating its network yet, but it's working with the Federal Aviation Administration (FAA) in the final stages of testing its aircraft. Multiple pilots have flown the Joby vehicle already, with its manufacturing facilities producing its fifth aircraft for pilots last quarter. Management recently announced an expansion of its factory in California, with plans to eventually produce 24 air taxis annually from this location. Multiple transportation companies have seen the promise in Joby Aviation. Toyota Motors has invested a total of $894 million in the company and is working directly with the company on manufacturing processes. Delta Air Lines is an investor, while Uber Technologies is a partner that will eventually add Joby flights to its ride-sharing application. Joby needs to get a lot of customer demand in order to get a return on its air taxi spending, which will require full operating schedules and high ticket prices. This is possible if its partners such as Uber and Delta drive customers to the upcoming service. The company is not just looking to expand in New York. It is working to add air taxis to Los Angeles, Dubai, and even Japan and the United Kingdom. Most major cities in the world have traffic issues and could see some (especially wealthier) citizens utilize this upcoming air taxi network. Aggressive spending and cash burn There is a lot of promise with Joby's air taxis, but the growth is all theoretical today. Joby does not generate any revenue, is still in the FAA certification process, and has manufactured only a few air taxis to date. Still, it is aggressively burning money on research, manufacturing, and overhead costs as it works to build up its vertically integrated factory network in the United States. In the first quarter of 2025, it spent $134 million on research and development. Over the last 12 months, free cash flow was negative $489 million. The company does have $813 million in cash and a $500 million commitment from Toyota, but this only gives it two to three years of cash burn at its current rate before it will need to raise more funds. My prediction for what comes next with Joby Aviation stock I like the idea of air taxi networks. As long as they can be operated safely, it is a path forward to help alleviate traffic on major highways in metro areas, and it looks like something people will pay up for in order to save time on the way to the airport or other societal hubs. My problem comes from Joby Aviation's market cap of $14.8 billion, making the stock wildly overvalued for a pre-revenue start-up. At its current manufacturing run-rate of 24 air taxis a year that could grow in the years to come, Joby Aviation may have 200 vehicles in operation by 2030. Assuming 20 flights per vehicle per day at $500 each split among the four passengers, that is $730 million in annual revenue for Joby Aviation. It is currently spending close to $500 million a year before generating any sales. There will be variable costs when its taxi network starts operating, along with more money spent to build each vehicle. It is unlikely that Joby Aviation will generate a profit by 2030 even if it can scale up its air taxi routes and charge an average of $500 per flight (which is more than the average round-trip airline ticket for comparable routes). Air taxis are an interesting idea, but that doesn't mean Joby Aviation is a buy with the stock trading at a market cap of $14.8 billion. I predict that pain is ahead for Joby Aviation shareholders for the rest of this decade, even if the company remains on track with its air taxi network buildout. Should you buy stock in Joby Aviation right now? Before you buy stock in Joby Aviation, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Joby Aviation wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Brett Schafer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Uber Technologies. The Motley Fool recommends Delta Air Lines. The Motley Fool has a disclosure policy. Joby Aviation Stock Soars to an All-Time High: My Prediction for What Comes Next was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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19 minutes ago
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Rivian vs. Lucid: Which EV Stock Is Winning in 2025?
Key Points Rivian and Lucid both disappointed early investors. Both companies face supply chain issues and intense competition. But one of these EV companies has clearer near-term advantages. 10 stocks we like better than Rivian Automotive › Rivian (NASDAQ: RIVN) and Lucid (NASDAQ: LCID) were both hot electric vehicle (EV) stocks. Rivian went public with an IPO price of $78 on Nov. 10, 2021, and its shares more than doubled to a record closing price of $172.01 just a week later. Lucid went public by merging with a special purpose acquisition company (SPAC) on July 26, 2021. Its shares started trading at $25.24, and more than doubled to a record closing price of $55.52 four months later. Both companies initially attracted a stampede of bulls with their ambitious growth targets, and the buying frenzy in emotion-driven meme stocks amplified their gains. But today, Rivian and Lucid trade at about $13 and $3, respectively. Both stocks fizzled out as they missed their own goals and racked up steep losses. Rising rates also popped their bubbly valuations. But when interest rates declined in 2024, Rivian and Lucid didn't bounce back even as investors pivoted back toward more speculative stocks. That sentiment is still chilly: Rivian's stock has only risen 5% since the beginning of 2025, while Lucid's stock dipped 3%. Should contrarian investors consider buying either of these EV stocks right now? Why did Rivian and Lucid disappoint the market? Rivian sells three EVs: its R1T pickup, its R1S full-size SUV, and an electric delivery van (EDV) for its top investor, Amazon (NASDAQ: AMZN), and other companies. Before it went public, it claimed it could produce 50,000 vehicles in 2022. But in reality, it only produced 24,337 vehicles that year as it grappled with supply chain disruptions. Lucid sells two vehicles: its Air sedan and its new Gravity SUV. In its pre-merger presentation, it claimed it could deliver 20,000 vehicles in 2022. Unfortunately, it only delivered 4,369 vehicles in 2022 as it also struggled with supply chain constraints and production issues. At their record highs, Rivian's market cap hit $153.3 billion, or 92 times its 2022 revenue; while Lucid's market cap reached $91.4 billion, which was 150 times its 2022 revenue. Those sky-high valuations set both stocks up for steep declines when they missed their own rosy forecasts. What happened over the following years? In 2023, Rivian more than doubled its production to 57,232 vehicles as it overcame its supply chain issues. But in 2024, its production dipped to 49,476 vehicles as rising rates chilled the EV market, it faced tougher competition, and it temporarily shut down its main Illinois plant to upgrade its production capabilities. In 2025, it only expects to deliver 40,000 to 46,000 vehicles as it deals with higher tariffs on its raw materials and batteries, ongoing supply chain challenges, and another temporary shutdown to prepare for the launch of its smaller R2 SUV in 2026. Rivian is dealing with a lot of growing pains, but it's still supported by Amazon, Porsche (OTC: POAHY), Saudi Arabian conglomerate Abdul Latif Jameel, and other big investors. It ended its latest quarter with $8.5 billion in liquidity, and it expects the rollout of its smaller R2 SUV to significantly boost its sales and profits as it reaches a broader range of customers. Lucid's deliveries rose to 6,001 vehicles in 2023 and 10,241 vehicles in 2024, but those numbers were dismal compared to its original estimates. Lucid faced many of the same macro and competitive challenges as Rivian, and its CEO, Peter Rawlinson -- who attracted a lot of attention for his previous stint as Tesla's (NASDAQ: TSLA) chief vehicle engineer -- stepped down this February. Its board still hasn't appointed a permanent CEO yet. Rivian's founder and CEO, RJ Scaringe, remains in charge of his company. Lucid claims it can more than double its production to 20,000 vehicles this year as it ramps up its production of the Gravity SUV, but it doesn't have a great track record of meeting its own expectations. Yet Lucid is still firmly backed by Saudi Arabia's sovereign Public Investment Fund (PIF), which owns nearly two-thirds of its shares, and it ended its latest quarter with about $5.7 billion in liquidity, which it claims can carry it through its launch of the Gravity SUV. Which stock has more upside potential? From 2024 to 2027, analysts expect Rivian's revenue to grow at a compound annual growth rate (CAGR) of 32% as Lucid's revenue rises at a CAGR of 85%. Based on those estimates, which we should take with a grain of salt, Rivian and Lucid trade at 3.2 times and 6.9 times this year's sales, respectively. Neither company is expected to come close to breaking even, but Rivian's gross margins turned positive over the past two quarters as economies of scale kicked in. Lucid's gross margins are still negative. Rivian's higher production rates, healthier gross margins, and more stable leadership make it a stronger investment than Lucid right now -- even if its production wanes ahead of the R2's launch. As for Lucid, I'm not sure it can successfully ramp up its production of the Gravity and meet Wall Street's high expectations. If it falls short of that goal, its valuations will decline and its stock will drop even further. Should you buy stock in Rivian Automotive right now? Before you buy stock in Rivian Automotive, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Rivian Automotive wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Leo Sun has positions in Amazon. The Motley Fool has positions in and recommends Amazon and Tesla. The Motley Fool recommends Porsche Automobil Se. The Motley Fool has a disclosure policy. Rivian vs. Lucid: Which EV Stock Is Winning in 2025? was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
