Spotify (SPOT) PT Raised to $560 at Canaccord Genuity

Canaccord Genuity analyst Maria Ripps raised the price target on Spotify (NYSE: SPOT) to $560.00 (from $525.00) while maintaining a Buy rating.

The analyst commented: "Spotify shares were up ~24% in November. Spotify reported generally solid Q3 results, with MAUs and Premium Subscribers broadly in line with consensus, total revenue continuing to grow in the high-teens y/y, and both gross margins and operating profit exhibiting meaningful upside. Premium revenue growth accelerated y/y on a constant currency basis, and the company is still seeing very low levels of churn across the six markets where it recently announced price increases. In the meantime, Spotify is building its own ad exchange to support more performance-based services, with 2025 to represent a testing year. Other recent business highlights include the launch of Spotify’s Partner Program, allowing creators to earn more for their audio and video content, as well as a new partnership with Emirates to integrate Spotify’s media with Emirates’ entertainment system."

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