Spotify price target raised to $350 from $270 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Spotify to $350 from $270 and keeps an Overweight rating on the shares. As price increases, market share gains, and operating leverage become “even more clear,” the firm expects Spotify’s “transformation from a great product to a great business to accelerate in 2024,” the analyst tells investors. The firm is raising its estimates on the assumption Spotify will increase retail prices more quickly, better reflecting the value it provides its users and subscribers.