Spotify price target raised to $730 from $670 at JPMorgan

JPMorgan raised the firm’s price target on Spotify (SPOT) to $730 from $670 and keeps an Overweight rating on the shares. The firm cut estimates and multiples for the vast majority of its internet overage post President Trump’s “Liberation Day,” but now reversed some of the number cuts following the better than expected Q1 earnings and outlooks. JPMorgan revised multiples higher for select names to reflect lower recession risk, which is no longer the firm’s base case, company specific outperformance, and China tariff relief for companies with direct exposure.