UBS lowered the firm’s price target on Spotify (SPOT) to $690 from $720 and keeps a Buy rating on the shares. Spotify’s Q1 results are expected to reflect a continuation of mid-teens revenue growth and annual margin expansion, albeit at a slower pace, given new investments, the analyst tells investors in a research note. The company looks well-positioned to benefit from its scale in global distribution and UBS sees a number of catalysts ahead to drive improved monetization and margin upside, the firm adds.
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