![]() But there’s a bit more optimism toward a breakout here: As with CMG, valuation is a question mark. Shares of Spotify (NYSE: SPOT) are moving quickly toward past resistance. If that limit still exists, resistance here may hold heading into 2020. Recent trading in CMG suggests there is a limit to what investors will pay even for quality growth stories. This is not a cheap stock, at 46.5x next year’s consensus earnings per share estimates.
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