Spotify price target raised to $165 from $143 at BofA

BofA analyst Jessica Reif Ehrlich raised the firm’s price target on Spotify to $165 from $143 and keeps a Buy rating on the shares. Spotify reported "solid" Q1 results that were better than expectations "across several key performance indicators," says the analyst, who also notes that the company guided to a sequential improvement in gross margin along with continued improvement in operating income throughout calendar 2023. There were also "indications" of a likely price increase for later in 2023, the analyst noted.