Wells Fargo raised the firm’s price target on Spotify (SPOT) to $520 from $470 and keeps an Overweight rating on the shares. The firm notes Q3 plus Q4 MAUs/subs are in line, while the all-important margin performance continues to show a bullish paradigm shift. Ads are lagging but small, with programmatic to help by 2026, Wells adds. The firm notes Spotify is its Top Pick.
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