Morgan Stanley analyst Sean Diffley lowered the firm’s price target on Spotify (SPOT) to $590 from $630 and keeps an Overweight rating on the shares. Spotify appears focused on maintaining its product market leadership, and resolved to embrace new technology and develop new tools, but this carries investment, notes the analyst, who is lowering the firm’s FY26 and FY27 free cash flow forecast by 7% and 4%, respectively.
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