Spotify price target raised to $405 from $375 at Benchmark

Benchmark raised the firm’s price target on Spotify to $405 from $375 and keeps a Buy rating on the shares after the company announced U.S. plan price increases. This latest increase follows Spotify’s first U.S. pricing increase last July and suggests the free audiobook engagement it’s presently subsidizing is continuing to scale into the loosely 25% of its user base, says the firm, which adds that these hikes “put Spotify in front of rivals for the first time.”