Spotify (SPOT) PT Raised to $445 at Jefferies

Jefferies analyst James Heaney raised the price target on Spotify (NYSE: SPOT) to $445.00 (from $420.00) while maintaining a Buy rating.

The analyst comments "SPOT Takeaway: We believe this improves SPOT's positioning and pricing power in int'l markets (core to its LT growth story). The pricing gap to YouTube Premium (15%+ in major mkts) which highlights SPOT's value as a music, audiobooks, and podcasting platform. Additionally, UMG highlighted a "next phase" subscriber TAM of 220M with ~65% coming from developing mkts, where we expect the battle to get consumers will largely be between YouTube and Spotify. Increasing the Premium pricing may push additional consumers to choose the cheaper option in the medium-term (and we believe SPOT has a superior music-only product)."

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