Spotify price target lowered to $680 from $745 at KeyBanc

KeyBanc lowered the firm’s price target on Spotify (SPOT) to $680 from $745 and keeps an Overweight rating on the shares. Spotify strikes the firm as a business making discretionary investments into strength. While KeyBanc believes this should drive Street operating profit forecasts lower in the near-term, this also elevates upside revision potential from return on the investment cycle. In the firm’s view, this creates a compelling catalyst path between the May 21 Investor Day and product updates throughout the year.