Morgan Stanley assumed coverage of Spotify (SPOT) with an Overweight rating with a price target of $630, down from $650, and noted that the stock is no longer designated a Top Pick. While modestly higher near-term opex growth leads the analyst to trim the firm’s target, the analyst adds that Spotify keeps adding positive, meaningful, and interactive engagement and forecasts that it should surpass 300M paying subs and 800M MAUs this year.
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