Wolfe Research upgraded Spotify (SPOT) to Outperform from Peer Perform with a $660 price target The firm says that since its downgrade in January, it has renewed optimism about the company’s gross margins due to “win-win” label deals. Spotify’s compounding subscriber, pricing, and new product growth provides a path to $22 per share of free cash flow in 2027, the analyst tells investors in a research note.
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