Spotify price target raised to $565 from $510 at Pivotal Research

Pivotal Research raised the firm’s price target on Spotify (SPOT) to $565 from $510 and keeps a Buy rating on the shares. The company reported “an overall very strong, better than expected” Q3 report, highlighted by better than expected net new premium monthly active users, the analyst tells investors in a research note. The firm says another strong quarterly result and guidance, despite the fact that Spotify is priced at a material premium to its streaming music streaming peers in most markets, “provides ample evidence that Spotify indeed is winning.”