By Sam Boughedda
Investing.com — Spotify Technology (NYSE:SPOT) stock rose 3% Monday as investors reacted to banks raising its price target last week and Bernstein upgrading the stock to market perform from underperform.
Spotify stock touched a high of $302.57 after the open — it is currently trading around $298.45.
On Monday, Bernstein analyst Todd Juenger upgraded the stock, setting a price target of $280.
"At SPOT, new industry data drives an increase in our global market forecast for music streaming," Juenger told investors in a research note.
"Multiplied against an increased forecast for long-term Gross Margins, supported by evidence in Q3 results, increases our probability-weighted target price to a level ($280) that is now in-line with the market price. Our increased streaming forecast also leads to a significant increase in our target price for WMG," he added.
Last week, following Spotify's earnings, Pivotal Research, Barclays, and KeyBanc raised their price targets on the stock.
KeyBanc analyst Justin Patterson increased the price target on Spotify to $365 from $340, keeping an overweight rating.
Mario Lu at Barclays raised the Spotify price target to $310 from $300, also keeping an overweight rating.
Pivotal Research analyst Jeffrey Wlodarczak boosted the firm's price target on Spotify to $385 from $300, maintaining a buy rating.