Spotify price target raised to $170 from $140 at Pivotal Research

Pivotal Research analyst Jeffrey Wlodarczak raised the firm’s price target on Spotify to $170 from $140 and keeps a Hold rating on the shares post the Q3 report. Spotify reported solid subscriber growth , effectively in-line revenue growth with nicely better than expected expense reductions which led to a material EBITDA and free cash flow beat, the analyst tells investors in a research note.