On Tuesday,Spotify Technology SA(NYSE:SPOT) reported fiscal first-quarter 2024 revenue of $3.95 billion (3.64 billion euros), up 20% year-on-year, beating the consensus of $3.85 billion. EPS of $1.05 (97 cents) beat the consensus of $0.70. Analysts offered their takes on the stock.

J.P. Morgananalyst Doug Anmuth maintained Spotify with an Overweight and raised the price target from $320 to $365.

Spotify is the largest pure-play audio streaming service and is both driving and benefitting from the ongoing secular shift from transaction-based to access-based streaming models, according to the analyst.

Gross margin strength is driven by music & marketplace gains, podcast improvement...