- Bernstein analyst Todd Juenger upgraded Spotify Technology SA SPOT to Market Perform from Underperform as new industry data drives an increase in his global market forecast for music streaming.
- Multiplied against an increased forecast for long-term Gross Margins, supported by evidence in Q3 results, raises the analyst's probability-weighted target price to $280, which is now in line with the market price.
- Spotify reported third-quarter FY21 revenue growth of 27% year-on-year to €2.5 billion, helped by advertising strength.
- Spotify raised Q4 revenue outlook from €2.48 billion-€2.68 billion to €2.54 billion - €2.68 billion.
- Price action: SPOT shares traded higher by 3.26% at $298.82 on the last check Monday.
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