Macquarie raised the firm’s price target on Spotify to $395 from $345 and keeps an Outperform rating on the shares after the company reported Q2 revenue growth of 20% while “driving profitability to new highs.” Gross margin of 29.2% was up 510 basis points year-over-year and Spotify guided to 30.2% margin in Q3, notes the analyst, who now models greater than 30% gross margin for 2025.
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