Citi downgraded Spotify Technology to Neutral from Buy with an unchanged price target of $190. The analyst likes Spotify’s strategy and execution, but no longer believes the stock’s risk/reward is compelling. When looking at consensus estimates, the firm “sees a few reasons to be a tad more cautious.” Concerns include expectations of rising average revenue per user along with continued declines in churn, paid gross additions continuing to accelerate even as the mix shifts to developing markets and a “potential air pocket in the Street’s valuation calculus if Premium net adds falter,” the analyst tells investors in a research note.