Spotify price target raised to $650 from $560 at Canaccord

Canaccord raised the firm’s price target on Spotify (SPOT) to $650 from $560 and keeps a Buy rating on the shares. The firm previewed its Q4 and expects results will likely be solid given healthy user/subscriber growth, the ongoing benefit of recent price increases, and operating leverage. Canaccord believes the company has a long runway for price increases to drive growth, given its leading competitive position and continued investments in content expansion.