Spotify price target raised to $160 from $140 at KeyBanc

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.