Spotify price target raised to $190 from $160 at JPMorgan

JPMorgan analyst Doug Anmuth raised the firm’s price target on Spotify to $190 from $160 and keeps an Overweight rating on the shares. The analyst sees “solid upside ahead” for the shares despite the year-to-date rally. Spotify is tightening spending, driving efficiencies, and increasing speed, the analyst tells investors in a research note. The firm sees the company’s podcasts likely turning profitable in late 2023 or the first half of 2024. Accordingly, it expects Spotify’s operating and net income to turn positive over the next few quarters.