Spotify price target raised to $250 from $230 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Spotify (SPOT) to $250 from $230 and keeps an Overweight rating on the shares. The firm raised estimates and price targets on both Spotify and Warner Music (WMG) as it continues to see “a compelling opportunity for investors in music streaming.” Double digit industry growth, combined with improving profitability for both distributors and suppliers, should support upward revisions and multiple expansion, the analyst argues.