Spotify price target raised to $460 from $430 at Morgan Stanley
The Fly

Spotify price target raised to $460 from $430 at Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Spotify (SPOT) to $460 from $430 and keeps an Overweight rating on the shares. Q3 results and Q4 guidance were a continuation of the key positive trends year-to-date of better-than-expected ARPU growth, gross margins and EBIT/FCF, the analyst tells investors. After a few quarters of disappointing MAU net adds, growth re-accelerated in Q3 and guidance for Q4 was also ahead of expectations, adds the analyst, who forecasts Spotify should pass 700M MAU in 2025.

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