Guggenheim raised the firm’s price target on Spotify (SPOT) to $725 from $675 and keeps a Buy rating on the shares. The firm, which updated its Spotify model to reflect estimates for currency impact, price increase timing and marketplace contribution, notes that its unchanged core estimates reflect the assumption of a premium tier increase in recently launched audiobook markets including France and Germany as well as a broader price increase, likely to include the U.S., contributing to more significant Q4 ARPU growth.
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