Spotify price target raised to $250 from $165 at Loop Capital

Loop Capital raised the firm’s price target on Spotify to $250 from $165 and keeps a Hold rating on the shares. The firm is incorporating the recently announced price increase in certain markets and the planned increase in the U.S. – the second in a year – into its estimates, the analyst tells investors in a research note. Spotify’s foray into audiobooks, which began domestically in September, also appears “quite successful”, Loop Capital added, noting however that its neutral stance reflects the stock’s valuation.