Spotify: stock up as UBS raises TP to 3-year high

(CercleFinance.com) - Spotify shares continued to rise in New York on Friday, as analysts at UBS raised their target price for the stock from $274 to $375, sticking to their buy rating on it.


The broker hails the "flawless" score played so far by the Swedish audio streaming giant.

It says that it expects Q1 results to highlight continued improvement in profitability and solid sales growth, thanks to the positive impact of price increases.

According to calculations by its UBS Evidence Lab division, the number of Spotify app downloads climbed 19% y-o-y in Q1 alone, compared with 8% growth in Q4 2023.

The stock closed up by just under 5%, returning to its highest levels since early 2021.

Spotify announced yesterday that it had recruited its new CFO, Christian Luiga, from compatriot Saab, an aerospace and defense equipment manufacturer.


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