Spotify price target raised to $460 from $400 at Pivotal Research

Pivotal Research analyst Jeffrey Wlodarczak raised the firm’s price target on Spotify to $460 from $400 and keeps a Buy rating on the shares. The company’s Q2 results were “very strong”, highlighted by better than expected new new premium monthly active user growth and “materially better” than expected revenue and free cash flow, the analyst tells investors in a research note. The firm’s “on-going argument” that Spotify has already won the global audio streaming wars driven mainly by their best-in-class user interface and product”, which is allowing them to take price and still generate solid subscriber growth, is validated by today’s results, Pivotal adds.