Spotify price target raised to $160 from $150 at Benchmark

Benchmark analyst Mark Zgutowicz raised the firm’s price target on Spotify to $160 from $150 and keeps a Buy rating on the shares following the company’s Q1 report, stating that Spotify "continues to exhibit near-counter cyclicality." It is "abundantly clear" that Spotify’s increasing ad-supported global scale is driving increasingly efficient, organic conversion to Premium Subscriptions and the firm expects this dynamic to compound as rest-of-the-world and Latin Amercia user bases mature, the analyst tells investors.