Spotify price target raised to $175 from $160 at Guggenheim

Guggenheim analyst Michael Morris raised the firm’s price target on Spotify to $175 from $160 and keeps a Buy rating on the shares ahead of the company reporting Q3 results on Tuesday, October 24. Third-party data indicates Q3 Premium Subscriber trends in-line to ahead of the guided 4M in net adds, says the analyst, who sees sustained pricing power and a disciplined cost approach underpinning a multi-year economic expansion cycle that is “under-appreciated.”