Spotify price target raised to $325 from $290 at Benchmark

Benchmark analyst Mark Zgutowicz raised the firm’s price target on Spotify to $325 from $290 and keeps a Buy rating on the shares. Following recent Bloomberg speculation of subscription price increases coming at the end of April in five non-U.S. markets and “later this year” in the U.S., the firm says it knows where the earnings focus will be next week, adding that it suspects the rumored price increases are a partial stopgap to audiobooks royalty cost pressures on premium gross profit.