Spotify price target raised to $130 from $115 at Deutsche Bank

Deutsche Bank analyst Benjamin Black raised the firm’s price target on Spotify to $130 from $115 and keeps a Hold rating on the shares ahead of the earnings report on April 25. The analyst continues to observe sustained global monthly active user strength for Spotify. SensorTower app data suggests there could be potential upside to the company’s Premium subscribers compared to the current consensus of 270M, the analyst tells investors in a research note. Heading into the print, the firm has growing confidence in its Premium sub estimates for the Q1 and 2023. However, with the shares up 70% year-to-date, most of this may already be priced in at the moment, it writes.