Spotify price target raised to $290 from $260 at Benchmark

Benchmark raised the firm’s price target on Spotify to $290 from $260 and keeps a Buy rating on the shares. Following the “strong” Q1 operating income margin baseline guidance of about 5%, the firm has increased its FY24 GAAP operating income margin estimate by about 250 basis points to 6.5%, telling investors that Daniel Ek looks to be delivering on the promise of starting a new chapter of “investing in-line with market expectations.”