Spotify price target raised to $345 from $330 at Macquarie

Macquarie analyst Tim Nollen raised the firm’s price target on Spotify to $345 from $330 and keeps an Outperform rating on the shares after the company reported Q1 results that included MAU of 615M, 3M below guidance, along with its “highest ever gross margin” of 27.6% and operating income of EUR 168M. Spotify’s “long-awaited inflection to sustainable profitability appears to finally be here” and this is the most important factor for shares, overshadowing a slight miss on MAU, the analyst tells investors.