ANALYSTS RAISE TARGET ON SPOTIFY

Spotify has a very bright future, according to bullish analysts at KeyBanc Capital Markets, who project the streamer will reach 1 billion monthly users and 400m premium subscribers by 2030.

Analysts Justin Patterson and Sergio Segura say they expect more than $33.40 per share in earnings by then, which is 40% above consensus. In explaining their forecast, they said, “We also believe we could be too conservative on bundle monetization as our industry analysis continues to suggest Spotify is underpriced.”

As such, KeyBanc raised its price target on Spotify shares to $440 from $420, implying a 30% upside.

Spotify is the world's leading audio streaming service, with 626m monthly active users and 246m premium subscribers in 184 regions.

As of 1pm ET on 9/29, Spotify's stock was up 5.53% to $364 per share.