Spotify price target lowered to $720 from $750 at Canaccord

Canaccord lowered the firm’s price target on Spotify (SPOT) to $720 from $750 and keeps a Buy rating on the shares. The company reported solid Q1 results, with all key metrics coming in at or above expectations, though the Q2 outlook was mixed, with monthly active user guidance modestly head of expectations and the Premium subscriber outlook looking “a bit light,” the analyst tells investors in a research note. While the stock is selling off on the print, the firm believes the fundamental backdrop remains intact, underpinned by strong user engagement, record margins, and a monetization story that Canaccord views as still in early innings.