- KeyBanc analyst Justin Patterson upgraded Spotify Technology SA SPOT to Overweight from Sector Weight with a $340 price target, implying a 36.5% upside.
- Industry dynamics for Spotify "appear increasingly favorable, which is underscored by recent app strength," Patterson notes.
- Patterson sees improved monetization and unit economics.
- Spotify's enterprise value to subscriber discount to Sirius XM Holdings Inc SIRI "appears too wide in the face of monetization and gross margin progress," Patterson adds.
- Price Action: SPOT shares traded higher by 3.59% at $257.99 in the premarket session on the last check Tuesday.
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