Morgan Stanley is staying bullish on Spotify (SPOT), reiterating an overweight rating and a $590 price target, implying more than 30% upside from current levels. The firm’s note, titled “Investor Day Preview: Don’t Stop Believing,” argues that Spotify has earned significantly more credibility with investors than it had at its last major investor outlook event in 2022.
Spotify is already up 16% on May 21 as of 1:30 p.m. EST, following its Investor Day, where management shared plans for how the company will reach 1 billion subscribers.
Spotify just asked investors to believe in another big investment cycle. This time, it’s AI. Morgan Stanley is bullish that Spotify will deliver.
