Spotify price target raised to $163 from $156 at Goldman Sachs

Goldman Sachs analyst Eric Sheridan raised the firm’s price target on Spotify to $163 from $156 but keeps a Neutral rating on the shares. The company’s earnings report was positive overall with strong momentum in the user/subscriber funnel with MAUs, premium subs, and ad supported users reporting ahead of consensus modeling, the analyst tells investors in a research note. Looking over a long-term horizon however, Spotify has already proven out its industry leading position in terms of the audio distribution landscape, the firm adds.