Spotify Goes Public, Music For Investors

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KeyBanc upgraded Spotify Technology (SPOT) to Overweight from Sector Weight with a $340 price target.

The firm notes industry dynamics for Spotify appear increasingly favorable, which is underscored by recent app strength. The firm sees improved monetization and unit economics and says Spotify’s enterprise value to subscriber discount to Sirius XM (SIRI) appears too wide in the face of monetization and gross margin progress.