Guggenheim analyst Michael Morris raised the firm’s price target on Spotify to $350 from $290 and keeps a Buy rating on the shares after the company reported Q1 results that were highlighted by the company’s largest ever operating income quarter and expanding gross margin. The company’s Q2 profitability guidance was “similarly strong,” the analyst added in an earnings recap note.
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- Spotify reports Q1 gross margin 27.6% vs. 25.2% last year
- Spotify reports Q1 premium subscribers 239M vs. 210M last year
