Spotify price target raised to $460 from $420 at Evercore ISI

Evercore ISI raised the firm’s price target on Spotify to $460 from $420 and keeps an Outperform rating on the shares. The firm cites positive results from its online music surveys for the target increase. The surveys show Spotify is the U.S. and UK Streaming leader in terms of users, and its leadership position is widening, the analyst tells investors in a research note. Evercore says Spotify is “enjoying intrinsically very high user satisfaction, less price sensitivity than any competitor despite its recent price hike, and an increasingly strong attach rate with Podcasts.”