Guggenheim raised the firm’s price target on Spotify (SPOT) to $520 from $500 and keeps a Buy rating on the shares. The company’s Q4 results should see the impact of an additional full quarter of the Spotify premium bundled service offering on both revenue and gross margin, while its financial guidance and commentary should reflect the start of the Spotify Partner Program, which expands monetization availability for podcast content creators, the analyst tells investors in a research note. The firm expects Spotify to remain focused on operating expense discipline.
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