Jefferies raised the firm’s price target on Spotify (SPOT) to $600 from $540 and keeps a Buy rating on the shares. The firm’s key takes after the Investor Day were: 2030 targets are constructive and bucked fears on AI impacting terminal margins; announced AI remixing/cover feature in partnership with UMG (UMGNF) packaged as a premium add-on, and; compelling new features reinforce why Spotify, as a pure-play, continues to lead the industry, with a deeper understanding of user behavior than peers. Spotify remains a Top Pick at Jefferies, the analyst tells investors in a research note.
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