Spotify price target raised to $375 from $365 at JPMorgan

JPMorgan raised the firm’s price target on Spotify to $375 from $365 and keeps an Overweight rating on the shares. The company announced today that is is raising monthly prices across the U.S., the second ever price increase in the country, the analyst tells investors in a research note. While the price hikes closely follow increases across 50-plus markets that were announced in July 2023 and became effective through last year, JPMorgan expects minimal negative impact to Spotify’s churn and subscriber acquisition.