Spotify price target raised to $130 from $100 at Pivotal Research

Pivotal Research analyst Jeffrey Wlodarczak raised the firm’s price target on Spotify to $130 from $100 and keeps a Hold rating on the shares. The company reported an "overall nicely better than expected" Q4 with premium/advertising monthly active users beating estimates and lower than forecast free cash flow losses, the analyst tells investors in a research note. The good news is that it appears Spotify’s "very heavy" 2022 investment spend is paying off, says Pivotal. The challenge will be to maintain solid active user growth while focusing on improving financial returns, it adds.