Spotify price target raised to $780 from $730 at JPMorgan

JPMorgan analyst Doug Anmuth raised the firm’s price target on Spotify (SPOT) to $780 from $730 and keeps an Overweight rating on the shares. The firm updated estimates and price targets in the internet space as part of a Q2 earnings preview. Estimate increases reflect better channel checks and favorable currency moves while higher share multiples reflect lower recession risk, the analyst tells investors in a research note.