Spotify upgraded to Buy from Neutral at Rosenblatt

Rosenblatt upgraded Spotify (SPOT) to Buy from Neutral with a price target of $500, down from $670. The firm upgrades the shares following the post-earnings selloff. Spotify’s Q1 report was in-line and the Q2 outlook is “fine on sales, but low for operating income and a slight miss on premium subscribers,” the analyst tells investors in a research note. Rosenblatt views Spotify’s revenue trajectory as “solid but in-line” and sees value in the shares at current levels.