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Bhatia Levy

Senior Consumer Finance Analyst at BofA Securities

Mihir Bhatia is a Senior Consumer Finance Analyst at BofA Securities, specializing in coverage of major consumer finance companies such as American Express, Discover Financial Services, MGIC Investment, and Bread Financial Holdings. He has built a notable performance record, with a TipRanks success rate of 63% and an average return of 8.5% per rating over approximately 400 published recommendations, ranking in the top third of Wall Street analysts. Bhatia has been with BofA Securities since at least 2020 and has consistently appeared in financial media to comment on sector trends; detailed previous experience is not publicly listed. He is FINRA-registered with active securities licenses, underlining his professional credentials and regulatory compliance.

Bhatia Levy's questions to Spotify Technology (SPOT) leadership

Question · Q3 2025

Bhatia Levy asked about the impact of free tier enhancements on engagement and conversion to paid subscriptions, and the implications for margins and future monetization opportunities.

Answer

Alex Norström, Co-President and Chief Business Officer, explained that the process is working, with Spotify gaining market share. He outlined three keys to subscription growth: strong engagement (growing listening hours and active days), minimal churn after price adjustments, and good MEU replenishment. He noted that increased MEU and engagement historically lead to higher conversion and business growth, emphasizing to 'trust the funnel.'

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