Citi Upgrades Spotify (SPOT) To Buy Citing Price Hikes, Accelerating Buybacks

Group 1 - Spotify is projected to double by 2030, with Citi upgrading its rating to Buy from Neutral and maintaining a price target of $650, citing attractive valuation and beatable consensus estimates [1] - MoffettNathanson initiated coverage with a Neutral rating and a price target of $487, indicating that the rapid subscriber growth era is ending in developed markets, shifting focus to pricing strategies [2] - Barclays reduced its price target for Spotify to $625 from $700 while maintaining an Overweight rating, expecting long-term success for Spotify amid significant media industry transformations [3] Group 2 - Spotify operates globally, providing audio streaming subscription services through two segments: Premium and Ad-Supported [4]