Benchmark raised the firm’s price target on Spotify to $150 from $140 and keeps a Buy rating on the shares ahead of the company’s report due on April 25. The firm, which expects progression of Podcast profitability to be materially accretive to Spotify’s terminal value, from nearly zero or "perhaps negative" today, it says, adding that FY23 and FY24 consensus expectations continue to understate both Premium and Ad-supported gross margin leverage.
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