Wells Fargo raised the firm’s price target on Spotify to $250 from $180 and keeps an Overweight rating on the shares. The analyst is “even more bullish” after analyzing the Spotify investment thesis. The company’s monthly active user growth, market share, cost cuts and margin drivers “are starting to fire on all cylinders,” the analyst tells investors in a research note. Wells expects a “nice flip” to podcast gross profit break-even next year and remains bullish on label discussions.
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