KeyBanc raised the firm’s price target on Spotify (SPOT) to $745 from $740 and keeps an Overweight rating on the shares. The firm expects a largely solid Q1 report and sees Spotify building a funnel for meaningful net add growth in the second half of 2026. KeyBanc believes AI is improving product velocity and personalization, and this should support at least mid-teens annual revenue growth with 20%-plus operating margin percentage.
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