Spotify upgraded to Overweight from Neutral at Atlantic Equities

Atlantic Equities analyst Hamilton Faber upgraded Spotify Technology to Overweight from Neutral with a $160 price target. The analyst believes investors "will be heartened" to see the company’s non-music initiatives finally drive margin expansion. In addition, industry Q4 results show that the advertising market has now bottomed, which should drive improved confidence in estimates and multiple expansion for Spotify, the analyst tells investors in a research note. The firm sees positive profit and advertising inflections for the company.