Spotify price target raised to $310 from $255 at Citi

Citi raised the firm’s price target on Spotify to $310 from $255 and keeps a Neutral rating on the shares. The shares have performed well as investors applaud Spotify’s cost controls, embrace its price hikes, and increasingly tap into its “array of emerging opportunities” like audiobooks, video ads, and education, the analyst tells investors in a research note. Citi believes the Street’s revenue estimates for 2024 are too low, but also feels revenue numbers may be too high in both 2025 and 2026.