Spotify price target raised to $560 from $525 at Canaccord

Canaccord raised the firm’s price target on Spotify (SPOT) to $560 from $525 and keeps a Buy rating on the shares. Internet stocks saw a boost from the election result, with investors seemingly expecting artificial intelligence deregulation, a more favorable backdrop for acquisitions, a lower corporate tax rate, and, in some cases, increased demand for American-made goods, should some of the proposed tariff policies be implemented, the analyst tells investors in a research note. The firm says that while expectations regarding the pace of interest rate cuts have shifted recently, with borrowing costs likely staying higher for longer, given a resilient labor market and the possibility that the economy could even accelerate next year, it sees the potential for a constructive macro backdrop in 2025, “which could support both solid fundamentals and further multiple expansion for high-quality names.”