Spotify price target raised to $670 from $550 at Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Spotify (SPOT) to $670 from $550 and keeps an Overweight rating on the shares. Strong 2024 results were “the clearest manifestation, financially speaking, of nearly two decades of work,” says the analyst, who contends that “it will be challenging for the competition to keep up” given Spotify’s combination of unique scale, technology leadership, and high levels of engagement.