KeyBanc raised the firm’s price target on Spotify (SPOT) to $600 from $555 and keeps an Overweight rating on the shares. The firm expects Spotify’s Q4 results will highlight ongoing subscriber, revenue, and margin momentum. Further, with the Universal Music Group deal renewed earlier than expected, KeyBanc believes Spotify will highlight how product and plan innovation can drive revenue growth closer to its 20%-plus target. Net, the firm continues to view Spotify as a core holding given market and product leadership create pricing power, meaningful revenue growth, and margin expansion, and buyback potential.
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