Piper Sandler raised the firm’s price target on Spotify to $300 from $250 and keeps a Neutral rating on the shares. Spotify remains one of the few consensus longs in the firm’s coverage heading into the Q1 earnings cycle, and with the new CFO starting in Q3, Piper wonders if there may be lower profitability upside potential till he starts the role, particularly as social charges will likely be higher than expected. The reports of another price increase last week caught the firm by surprise, and this could be the lever that keeps the bull narrative moving forward, but the firm would rather wait for a pull-back to get more constructive, the analyst tells investors.
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