Spotify price target lowered to $650 from $830 at Bernstein

Bernstein analyst Ian Moore lowered the firm’s price target on Spotify (SPOT) to $650 from $830 and keeps an Outperform rating on the shares. The firm sees the launch of competitive lean-forward AI features as the cleanest path toward alleviating downward pressure on valuation as startups in the space gain traction. On the home front, resilient relative engagement trends continue to highlight for Bernstein that the sympathy trade with Netflix (NFLX) is unwarranted and that outsized U.S. pricing action in 2 ...