Spotify (SPOT) PT Raised to $140 at Guggenheim

Guggenheim analyst Michael Morris raised the price target on Spotify (NYSE: SPOT) to $140.00 (from $130.00) while maintaining a Neutral rating following several announced product enhancements. These enhancements include format expansions and exclusive content arrangements designed to set the platform apart from digital-audio peers and deepen the consumer relationship.

In addition, global May download data from App Annie shows Spotify reaching a top ten app position over the past three months – its highest quarterly rank in over two years.

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