Spotify price target raised to $190, named a Top Pick at Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Spotify to $190 from $185 and keeps an Overweight rating on the shares, which are now elevated to being the analyst’s new Top Pick. Rising engagement and continued product innovation support further market share gains and pricing power for Spotify, says the analyst, who also sees “an increasingly rational competitive environment.”