Spotify price target raised to $730 from $555 at JPMorgan

JPMorgan raised the firm’s price target on Spotify (SPOT) to $730 from $555 and keeps an Overweight rating on the shares. The company delivered accelerating monthly active user growth and greater progress across its medium-term financial targets of 30%-40% gross margins and 10%-plus operating margins, with 2024 representing the first full year of operating and net income profit, the analyst tells investors in a research note. The firm says Spotify remains a best idea following the earnings report.