Spotify price target raised to $750 from $650 at Evercore ISI

Evercore ISI raised the firm’s price target on Spotify (SPOT) to $750 from $650 and keeps an Outperform rating on the shares in the wake of “positive” results from its 13th annual U.S. and 8th annual U.K. Online Music Surveys. The firm said the trend results are “clear,” namely that Spotify is the U.S. and U.K. streaming leader in terms of users, and its leadership position is widening. The service enjoys intrinsically very high user satisfaction, less price sensitivity than any competitor despite its recent price hike, and an increasingly strong attach rate with Podcasts and now Audiobooks, the analyst tells investors in a research note.