HSBC analyst Joseph Thomas raised the firm’s price target on Spotify to $355 from $310 and keeps a Buy rating on the shares. The company’s gross profit and EBIT for Q1 came in well ahead of expectations as it executes against its strategy to minimize costs, the analyst tells investors in a research note. The firm says the guidance implies a strong step-up in margins for Q2. It is now more bullish on Spotify’s ability to monetize its audiobook offering.
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