Goldman Sachs analyst Eric Sheridan raised the firm’s price target on Spotify to $430 from $425 and keeps a Buy rating on the shares ahead of its Q3 earnings. The company is the clear global audio platform leader, which should translate into elements of scaled compounded user growth, rising engagement across multiple format structure and pricing power for the firm’s operating forecast period, the analyst tells investors in a research note. Coming out of its late 2023 operating costs restructuring, Spotify is beginning to show much of the gross and operating margin trajectory that the company has discussed as medium/long term goals dating back over the last 3-5 years, the firm added.
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