Guggenheim Raises PT on Spotify (SPOT) to $840 From $725

Spotify Technology S.A. (NYSE:SPOT) is one of the 13 Best Long Term Growth Stocks to Invest in Right Now. On June 25, Guggenheim analyst Michael Morris maintained a Buy rating on Spotify Technology S.A. (NYSE:SPOT), raising the price target to $840 from $725.

The firm reported that it updated its model as the end of the second quarter approaches to account for the social charges and currency changes associated with the 36% share appreciation since March 31.

Jim Cramer Recommends Buying Spotify (SPOT) Shares During “Periodic Moments of Underperformance”

A person wearing headphones listening to an audio streaming service.

The analyst also told investors that the firm believes that the mid and long-term growth at “the global streaming audio leader remains intact.” He supported this optimistic outlook for Spotify Technology S.A. (NYSE:SPOT) by citing potential tier expansion, core pricing power, the early-stage commerce opportunity presented by app-store changes, and the expanded delivery of audio formats led by podcasts and audiobooks.

Spotify Technology S.A. (NYSE:SPOT) provides digital music services. The company operates through the Premium and the Ad-Supported segments.

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