Morgan Stanley says reports that Spotify Technology will raise prices again in 2024 suggest upside to estimates. The firm believes the news also reinforces its confidence in its long-term above-consensus outlook, and brings its $350 per share bull case “more into view.” Music is broadly under-monetized and Spotify’s product strength provides it unique pricing power, the analyst tells investors in a research note. Morgan Stanley keeps an Overweight rating on the shares with a $270 price target.
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