Spotify initiated with a Neutral at MoffettNathanson

MoffettNathanson initiated coverage of Spotify (SPOT) with a Neutral rating and $487 price target Fifteen years into the penetration of music streaming, the market, at least in developed markets, is largely saturated and the subscriber growth chapter of the story is “drawing to a close,” says the analyst, who sees the next chapter being “all about pricing.” The firm thinks “there’s plenty of room for pricing growth,” the analyst added.