Why Is Spotify's Stock Trading Higher Today?

Spotify Technology SPOT shares are trading higher after Pivotal Research upgraded the stock from Hold to Buy and announced a price target of $340 per share.

Spotify is headquartered in Stockholm, Sweden, and is one of the world's largest music streaming service providers, with over 150 million total listeners.

The stock was trading 2% higher at $261.90 at the time of writing. The 52-week high is $387.44 per share while the 52-week low is $139.20 per share.