Spotify price target raised to $615 from $565 at Pivotal Research

Pivotal Research analyst Jeffrey Wlodarczak raised the firm’s price target on Spotify (SPOT) to $615 from $565 and keeps a Buy rating on the shares. After an “enthusiastic” event to introduce new tools and monetization options for video content creators on Spotify, the firm raised its medium and long term average revenue per user expectations. The company’s move to long-form video content, creates more advertising inventory, increases customer satisfaction and allows Spotify to compete more directly with platforms such as YouTube as it moves beyond music and audio podcasts, the analyst tells investors in a research note.