Spotify ticks up after Jefferies upgrades firm to 'buy' on revenue, margin potential
** Shares of music streaming service Spotify SPOT.N rise ~1% to $308.80 premarket after brokerage Jefferies raises rating to "buy" from "hold"
** Brokerage says it is increasingly confident in SPOT's ability to comfortably deliver sustainable revenue growth of more than 15% over the next 3 years
** "...music is about to undergo a multi-year repricing. At just $12/month for a Spotify subscription, we believe there is room for price increases at least every other year" - Jefferies
** Says SPOT's investment in its marketplace tools, audiobooks, subscription bundling and podcasting set co up for margin growth
** Raises SPOT PT to $385 from $242, vs Street median PT of $351.58
** Jefferies also assumes coverage on music labels Universal Music Group UMG.AS and Warner Music Group WMG.O with "buy" ratings
** Says UMG better positioned over the long term given its "superior artist roster" including Taylor Swift and Rihanna, and industry leading 35%+ return on invested capital (ROIC) vs. WMG's ~20%
** 25 of 35 brokerages covering SPOT rate stock "buy" or higher, 9 "hold" and one "sell" - LSEG data
** YTD, SPOT is up ~62% through last close
Reporting by Deborah Sophia in Bengaluru
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