Spotify price target raised to $135 from $120 at JPMorgan

JPMorgan analyst Doug Anmuth raised the firm’s price target on Spotify to $135 from $120 and keeps an Overweight rating on the shares. The analyst came away from the Q4 report "incrementally positive" on Spotify based on strong monthly active user and premium subscriber trends, as well as management’s commitment to expanding gross margin and materially improving operating loss through 2023 and beyond. Spotify is now focused on tightening spending, driving efficiencies and increasing speed, the analyst tells investors in a research note.