Spotify price target raised to $700 from $650 at Canaccord

Canaccord raised the firm’s price target on Spotify (SPOT) to $700 from $650 and keeps a Buy rating on the shares. The firm said they reported strong Q4 results, with MAUs, Premium subs, total revenue, and gross margins all coming in ahead of guidance. Operating income was broadly in line with the outlook, and the company generated a quarterly record for free cash flow.