Spotify price target raised to $510 from $460 at Pivotal Research

Pivotal Research raised the firm’s price target on Spotify to $510 from $460 and keeps a Buy rating on the shares. The firm moved the target to the end of fiscal 2025 from 2024, which accounted for half the target price increase. The balance reflects higher medium and long term average revenue per user and subscriber forecasts, the analyst tells investors in a research note. Pivotal says Spotify is the “clear winner of the global audio streaming battle” as evidenced by its “best-in-class” user-interface and content recommendation engine.