Analyst Has "Increased Conviction" On Spotify Stock

UBS upgraded shares of music streaming platform Spotify Technology SA (NYSE:SPOT) to "buy" from "neutral" and hiked its price target from $170 to $274 -- a more than 25% premium to last night's close of $218.61.According to the brokerage's bull note, "[E]fficiency initiatives remain the focus and have increased conviction on sustainable margin expansion and stronger bottom line trends in the coming year." In response to the upgrade, Spotify stock is trading 1.6% higher before the bell, looking to open above ...