Loop Capital analyst Alan Gould raised the firm’s price target on Spotify (SPOT) to $435 from $300 and keeps a Hold rating on the shares. The company reported a strong quarter with a small sub beat, while its profit, and particularly free cash flow, were well ahead of guidance and consensus forecasts, the analyst tells investors in a research note. Spotify has hit the low-end of its 30%-35% gross margin target and should be GAAP profitable this year, Loop added.
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