tiprankstipranks
Spotify price target raised to $520 from $490 at KeyBanc
The Fly

Spotify price target raised to $520 from $490 at KeyBanc

KeyBanc raised the firm’s price target on Spotify (SPOT) to $520 from $490 and keeps an Overweight rating on the shares. The firm views Q3 results as reinforcing its thesis that product innovation is driving revenue growth, unit economics are improving, and margins and free cash flow are inflecting. Importantly, management continues to stress operational discipline, which KeyBanc believes will translate to Spotify moving closer to 20% revenue growth over time and ongoing margin improvement.

Don't Miss our Black Friday Offers:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App