Morgan Stanley analyst Benjamin Swinburne raised the firm’s price target on Spotify to $160 from $130 and keeps an Overweight rating on the shares. Gross margins should begin to expand year-over-year in Q2 and "medium-term" guidance of 10%-plus EBIT margins are not reflected in consensus or valuation, the analyst tells investors. Upward earnings revisions should support continued appreciation for Spotify shares, the analyst argues in a preview note for the streaming music and audio group.
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