KeyBanc raised the firm’s price target on Spotify (SPOT) to $860 from $640 and keeps an Overweight rating on the shares. The firm expects Spotify’s Q2 results and Q3 guidance may contain some noise around FX, social charges, and seasonal gross margin dynamics. As has been the case on prior calls, KeyBanc advises buying any near-term dips as its core thesis is still intact. Music remains under-monetized and is in a price inflationary market, competitive dynamics are favorable, and there are near-term, mid-term, and long-term initiatives that support high-teens revenue growth, it adds.
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