KeyBanc analyst Justin Patterson raised the firm’s price target on Spotify to $160 from $140 and keeps an Overweight rating on the shares. KeyBanc’s latest U.S. Audio Survey showed Spotify experiencing gains in paid penetration and usage in a backdrop where paid audio penetration is largely stagnant. The firm believes this reinforces Spotify’s recent momentum, and positions the company to benefit from pricing, ad and marketplace monetization, and cost controls.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on SPOT:
- Spotify’s audiobooks chief Zicherman to depart in October, The Verge says
- Spotify to sunset music guessing game Heardle, TechCrunch says
- Spotify shutting down Spotify Live, TechCrunch reports
- Spotify added to Q2 Tactical Ideas List at Wells Fargo
- Spotify call volume above normal and directionally bullish