Spotify's surging stock has gone too far, UBS says in a double downgrade

A phone with a Spotify music application is seen in this photo illustration.
Jaap Arriens | NurPhoto | Getty Images

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The rapid rise in Spotify's stock price has gone far enough and it's time for investors to take profits, according to UBS. 

The firm lowered its rating on the stock to sell from buy, a rare double downgrade by Wall Street, arguing that the market is already pricing in strong performance.