Spotify target raised to $700 at Evercore after ‘very impressive’ Q4 results

Evercore ISI analyst Mark Mahaney raised the firm’s price target on Spotify (SPOT) to $700 from $500 and keeps an Outperform rating on the shares following “a Beat & Raise Q4” report that featured “Nothing but Positives,” including record high gross margins, close to record high operating margins, and close to record high monthly active users and subscriber net additions. The firm still sees upside from “both a fundamental and valuation perspective,” the analyst added in a post-earnings note.