Spotify price target lowered to $565 from $600 at Guggenheim

Guggenheim lowered the firm’s price target on Spotify (SPOT) to $565 from $600 and keeps a Buy rating on the shares. Spotify Q1 results were ahead of Street expectations, though the Q2 margin outlook fell short, notes the analyst, who attributes a “modest reduction” in free cash forecasts, impacted by the elevated expense outlook, for the firm’s reduced target.