SunTrust analyst Matthew Thornton maintained a Buy rating and $172 price target on Spotify ahead of the company's Q4 results. Thornton said for the quarter his data work points to monthly active users being slightly ahead, while he is slightly above on subs, in-line on revenue and gross margin, and slightly below on EBIT. Looking to 2020, the analyst said that consensus MAU and sub expectations appear "very reasonable," while visibility into gross margin and EBIT is lower given the net of podcasts and the two-sided marketplace.

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Evercore ISI raised the firm's price target on Spotify to $340 from $285 and keeps an Outperform rating on the shares following what the firm describes as "Beat & Raise Q1 EPS results." The "Big Story" this quarter was profitability, with gross margin and operating income both at record highs, says the analyst, who is removing the stock from the firm's "Tactical Underperform" list. The list inclusion was based on risks to Q1 operating income and to the Q2 MAU outlook and while "both of these risks materialized," they were "utterly swamped by the major Gross Margin inflection point," the analyst tells investors.

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Reports Q1 ad supported MAUs 388M vs. 317M last year.

Reports Q1 MAUs 615M vs. 515M last year. "Overall, we are encouraged by the strong start to the year and view the business as well positioned to deliver on the goals outlined at our 2022 Investor Day."