Spotify upgraded to Buy at Guggenheim on music industry growth potential

As previously reported, Guggenheim analyst Michael Morris upgraded Spotify to Buy from Neutral with a price target of $155, up from $120, citing the view that the global music industry has the potential for "market-leading financial growth" over the next several years. Music is "intrinsically valuable to consumers" and with a decade-long period of largely promotional pricing ending for on-demand streaming music, the firm sees an attractive revenue growth runway for the industry that will exceed current consensus estimates, the analyst tells investors.