BofA raised the firm’s price target on Spotify (SPOT) to $515 from $430 and keeps a Buy rating on the shares after the company reported a “very strong” Q3 with gross margin, operating income and free cash flow “well above” the firm’s forecasts. Following Q3 results and Q4 guidance, the firm increased its calendar 2024 operating income forecast to EUR 1.38B from EUR 1.24B, calling 2024 “an extraordinary year on margins.”
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