JPMorgan analyst Doug Anmuth raised the firm’s price target on Spotify (SPOT) to $650 from $600 and keeps an Overweight rating on the shares. The company’s investor day was “strong” and included a “landmark” AI licensing agreement with Universal Music Group as well as path to introducing multiple add-on tiers across verticals, the analyst tells investors in a research note. In addition, the firm says Spotify’s 2030 financial targets came in above expectations. JPMorgan upped estimates post the investor day.
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