Benchmark analyst Mark Zgutowicz raised the firm’s price target on Spotify to $130 from $125 and keeps a Buy rating on the shares ahead of the company’s Q4 report due before market open on January 31. Consensus 2023 expectations understate both Premium and Ad-supported gross profit leverage, the firm contends. Benchmark believes the staple nature of music subscriptions, and particularly Spotify’s brand and content, has "material pricing ‘catch-up’ relative to other premium" subscription services.
Published first on TheFly
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