JPMorgan analyst Doug Anmuth raised the firm’s price target on Spotify to $120 from $115 and keeps an Overweight rating on the shares. JPMorgan’s buyside survey indicated investors view Spotify as one of the best turnaround stories for 2023, but overall interest in in the name remains limited, the analyst tells investors in a research note. The firm expects 2022 to represent the trough in Spotify gross margins as 2023 benefits more from Marketplace and Podcasts.
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