Benchmark raised the firm’s price target on Spotify (SPOT) to $860 from $800 and keeps a Buy rating on the shares. Q3 results and Q4 guidance indicated Premium ARPU strength, though Q4 total revenue guidance 1% below consensus was due to ad supported revenue and total subs guidance below the firm’s estimates attributable to churn from pricing, the analyst tells investors. An ad inflection is “getting closer,” the analyst added in a post-earnings note.
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