Spotify price target raised to $840 from $725 at Guggenheim

Guggenheim analyst Michael Morris raised the firm’s price target on Spotify (SPOT) to $840 from $725 and keeps a Buy rating on the shares. The firm updated its model approaching the end of Q2, primarily to reflect currency changes and social charges related to the about 36% share price appreciation since March 31, the analyst tells investors. Citing core pricing power, potential tier expansion, expanded delivery of audio formats led by audiobooks and podcasts and the early-stage commerce opportunity presented by app-store changes, the firm adds that its conviction in the mid and long-term growth opportunity at “the global streaming audio leader remains intact.”