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Citi analyst Jason Bazinet downgraded Spotify Technology (SPOT) to Sell from Neutral with a $310 price target.

Among the four subscription-based stocks, Spotify, Roku (ROKU), Netflix (NFLX), and SiriusXM (SIRI), Spotify is the only company where the Street's long-terms forecasts "do not comport to the prevailing valuation," Bazinet tells investors in a research note.

The analyst suspects "this disconnect stems from recent enthusiasm around Spotify's recent podcast pivot." However, its premium gross additions through Q3 and app download data through Q4 do not show any material benefit from recent podcast investments, says Bazinet. As such, the analyst downgrades Spotify to Sell.