Citizens raises Spotify stock price target on AI product expansion
Citizens increased its price target for Spotify (NYSE: SPOT) to $625 from $600, maintaining a Market Outperform rating due to Spotify's expanded use of AI in its product suite, including new remix and cover functionalities. The firm believes Spotify's long-standing proprietary taste data and daily signals will drive retention and monetization, leading to sustained engagement, revenue, and free cash flow growth. This revised target follows Spotify's Investor Day and aligns with other analyst upgrades and the company's attractive PEG ratio amidst incremental AI investments.
https://www.investing.com/news/analyst-ratings/citizens-raises-spotify-stock-price-target-on-ai-product-expansion-93CH-4705981