BofA raised the firm’s price target on Spotify (SPOT) to $700 from $515 and keeps a Buy rating on the shares. The firm notes the company reported a strong Q4 as essentially all key KPIs came in above BofA’s forecast. Given Spotify’s balance sheet with growing free cash flow generation, the firm believes the company has ample capacity for capital returns in the near future. Spotify clearly ended 2024 on a high note and is well positioned heading into 2025, BofA argues.
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