Spotify price target raised to $300 from $250 at Loop Capital

Loop Capital analyst Alan Gould raised the firm’s price target on Spotify to $300 from $250 and keeps a Hold rating on the shares. The company’s Q1 results demonstrated “impressive profit and cash flow growth”, though there was a small miss on ad-supported subscriber metric, partially due to some pull forward in Q4 and an over-correction on marketing spend, the analyst tells investors in a research note. Audiobooks are also a drag on profits, but Podcasting should be profitable for the year, though it contributed a small loss to Spotify during the quarter, the firm added.