Truist analyst Matthew Thornton raised the firm’s price target on Spotify Technology to $170 from $154 and keeps a Buy rating on the shares ahead of the Q2 report on July 25. The analyst views Q2 consensus estimates as “set very reasonably” but says Q3 expectations are “mixed” with revenue and possibly operating income dependent on timing of price increases. The firm still expects Spotify shares to benefit from the company’s heightened focus on costs and margins as well as the service being priced below key competitors.
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