Barclays analyst Mario Lu raised the firm’s price target on Spotify to $182 from $180 and keeps an Overweight rating on the shares after its Q2 results. The company’s top line was in line despite record MAU net adds as average revenue per user declined 3%, mostly due to product mix, the analyst tells investors in a research note. This trend will likely continue in Q3 before reversing in Q4 following the price increases announced this week, the firm adds.
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