Spotify price target raised to $895 from $680 at UBS

UBS raised the firm’s price target on Spotify (SPOT) to $895 from $680 and keeps a Buy rating on the shares. UBS sees a number of catalysts, including the expansion of audio books into new markets, launch of new tiers, price ups, and advertising ramp ahead to enhance monetization and sustain 16% revenue growth through the end of 2028, the analyst tells investors in a research note. The firm expects Q2 results to reflect a continuation of mid-teens revenue growth and annual margin expansion.