Spotify price target lowered to $195 from $205 at Benchmark

Benchmark analyst Mark Zgutowicz lowered the firm’s price target on Spotify to $195 from $205 and keeps a Buy rating on the shares. Following “a lot of dialogue” with Spotify investors over the past several weeks, that analyst says that “gross margin remains the hot topic.” However, the firm doesn’t expect any Q3 or Q4 gross margin surprises relative to consensus estimates, the analyst tells investors in a Q3 preview note.