Citi keeps a Buy rating on Spotify with a $175 price target after press reports indicated that the company has been used by criminals as a vehicle for money laundering. Reports of this nature have circulated in the past, and Spotify has been taking steps to address the issue for some time, the analyst tells investors in a research note. The firm believes any efforts to combat these scams would improve Spotify’s profitability. In addition, Citi does not believe the headlines should materially impact Spotify’s share price. It says reports of scams are not new.
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