Spotify resumed with Neutral from Sell at Redburn Atlantic

Redburn Atlantic analyst Ed Vyvyan upgraded Spotify (SPOT) to Neutral from Sell with a price target of $545, up from $230, after resuming coverage of the name. The firm expects “more to come” from audiobooks and Spotify’s super-premium tiering, but believes the share price already reflects an “optimistic” near-term outlook. Redburn has weaker average revenue per user growth expectations versus the Street, given a more cautious view on the near-term impact of Music Pro, the analyst tells investors in a research note.