JPMorgan analyst Doug Anmuth raised the firm’s price target on Spotify to $555 from $530 and keeps an Overweight rating on the shares. Despite continued strong share performance and select higher valuations, JPMorgan remains positive on the internet group into 2025, the analyst tells investors in a research note. The firm expects artificial intelligence to continue to dominate the investment narrative, but says the focus will shift more to agents and applications. JPMorgan expects AI-driven capex to increase as mega-caps move beyond some of the compute constraints of 2024, and increased 2025 capex for Meta (META), Alphabet (GOOGL), and Amazon (AMZN), all above consensus. The firm’s top picks for 2025 are Amazon, Meta, Alphabet, and Spotify (SPOT).
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Read More on SPOT:
- Goldman calls Uber a top Internet pick heading into 2025
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- Spotify price target raised to $560 from $525 at Canaccord
- Spotify Gemini extension to debut on Android, 9TO5 Google says
- Spotify price target raised to $500 from $370 at Citi
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
