Macquarie raised the firm’s price target on Spotify (SPOT) to $500 from $395 and keeps an Outperform rating on the shares. The firm says that despite Q3 revenue coming in line, Spotify delivered a big beat on gross and operating profits. The company “still has options” like new subscription tiers and “lots of room to grow” its advertising platform, which could “power its fundamentals higher still,” the analyst tells investors in a research note. Macquarie believes Spotify could introduce new tiers such as a premium app that monetizes highly engaged fans more effectively.
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