KeyBanc analyst Justin Patterson raised the firm’s price target on Spotify to $140 from $125 and keeps an Overweight rating on the shares. The firm continues to see evidence that the subscription business is resilient and has pricing power, expense discipline is improving, and unit economics can inflect. KeyBanc now expects break-even profitability for 2024 versus a loss of EU128M previously, and believes progress toward this accomplishment represents a meaningful catalyst throughout the year.
Published first on TheFly
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