Spotify's post-earnings selloff created a buying opportunity for investors, according to Deutsche Bank.
The bank upgraded the music streaming service to buy from hold Wednesday.
But analyst Benjamin Black said that Spotify's results are a function of currency fluctuations as opposed to a fundamental company issue, adding the selloff is overdone.
SPOT YTD mountain Spotify stock slumped more than 14% after reporting quarterly results on Tuesday.
Despite Tuesday's steep decline, Spotify shares are up more than 77% year to date.
Persons:
selloff, It's, Benjamin Black, Black, — CNBC's Michael Bloom
Organizations:
Deutsche Bank, Spotify
Locations:
Tuesday's