Spotify Technology S.A. (SPOT) Stock Price Target Significantly Raised by Investment Bank
Investment bank Guggenheim on Monday raised its price target on Spotify Technology S.A. (SPOT) stock to $725 from $675. The investment bank expects the firm to benefit from price increases, increased utilization of the platform’s promotional tools by musicians, and stepped-up monetization of its audiobooks.
Guggenheim kept a Buy rating on the shares.
Photo by Alexander Shatov on Unsplash
SPOT’s Positive Catalysts
The investment bank expects Spotify Technology S.A. (SPOT) to benefit from price increases later this year in France, Germany, and the U.S.
Meanwhile, more musicians are likely to utilize SPOT’s promotional offerings, and the company should be able to obtain more revenue from its audiobooks in the wake of a…
