Spotify price target raised to $350 from $300 at KeyBanc

KeyBanc raised the firm’s price target on Spotify to $350 from $300 and keeps an Overweight rating on the shares. Spotify is raising price in select markets, which KeyBanc believes increases visibility on mid-to-high-teens revenue growth and margin expansion through 2026, the analyst tells investors in a research note. The firm thinks 2024 Street operating income needs to come down to reflect social charges, but the firm says this is a near-term, non-cash dynamic that does not change its thesis.