Spotify price target raised to $850 from $775 at Canaccord

Canaccord raised the firm’s price target on Spotify (SPOT) to $850 from $775 and keeps a Buy rating on the shares. The firm said while most of their covered subscription platforms command premium valuations, they believe they are warranted given the fundamentals while noting Spotify maintains a strong leadership position, pricing power, and developing ad tech capabilities but sees the company faces a strong near-term currency headwind as the dollar has continued to weaken.