Spotify (SPOT) PT Raised to $435 at Loop Capital

Loop Capital analyst Alan Gould raised the price target on Spotify (NYSE: SPOT) to $435.00 (from $300.00) while maintaining a Hold rating.

The analyst commented: "SPOT reported a strong quarter with a small sub beat. Profit, and particularly free cash flow, were well ahead of guidance and consensus forecasts. The 4Q operating income guide is also higher than Street expectations, but the revenue guide is below consensus primarily due to currency. The company has hit the low-end of its 30-35% gross margin target and should be GAAP profitable this year. The stock gained 7% in after hours trading. We are substantially raising our profit estimates and increasing our price target to $435 from $300."

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