Guggenheim raised the firm’s price target on Spotify (SPOT) to $675 from $520 and keeps a Buy rating on the shares. Q4 results reflect a “broad-based beat” across all core key performance indicators and guidance for continued growth in Q1, notes the analyst, who says the results and outlook commentary “bolster our confidence in the subscriber, monetization, and profitability runway.”
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Read More on SPOT:
- Spotify downgraded at Rosenblatt as revenue growth gets set to decelerate
- Spotify downgraded to Neutral from Buy at Rosenblatt
- Spotify price target raised to $675 from $600 at KeyBanc
- Spotify price target raised to $670 from $550 at Morgan Stanley
- Spotify price target raised to $700 from $650 at Canaccord