Morgan Stanley initiated coverage on Spotify Technology SA (NYSE:SPOT) with an overweight rating and a $630 price target. The firm based this valuation on 30 times the projected 2027 free cash flow per share.
Analysts forecast a 35% compound annual growth rate for EBIT. They expect free cash flow to grow at a 20% compound annual rate on a fully-taxed basis.
Bernstein SocGen Group recently adjusted its price target to $625 with an outperform rating. Evercore ISI maintains an outperform rating with a $650 price target. Citizens holds a market outperform rating with an $800 price target.