Spotify price target raised to $140 from $130 at Loop Capital

Loop Capital analyst Alan Gould raised the firm’s price target on Spotify to $140 from $130 but keeps a Hold rating on the shares after its Q2 results. The company’s podcast losses are diminishing and headcount should be down on an annual basis this quarter, the analyst tells investors in a research note. The price increase should return also return average revenue per user to annualized growth, revenue back to healthy double-digit growth on both a reported and constant currency basis, and bring the company close to profitability in Q4, the firm added.