Sam Boughedda

Investing.com — Spotify Technology (NYSE: stock rose 3% Monday as investors reacted to banks raising its price target last week and Bernstein upgrading the stock to market perform from underperform.

Spotify stock touched a high of $302.57 after the open — it is currently trading around $298.45.

Todd Juenger from Bernstein upgraded the stock on Monday. He set a target price of $280.

 “At SPOT, new industry data drives an increase in our global market forecast for music streaming,” Juenger told investors in a research note.

“Multiplied against an enhanced forecast for long term Gross Margins supported by evidence from Q3 results increases our probability weighted target price ($280) which is now in line with market price. His increased streaming forecast leads to a substantial increase in our target market price for WMG,” added he.

Following Spotify’s earnings last week, Pivotal Research and Barclays raised their target prices for the stock. 

Justin Patterson, KeyBanc Analyst at KeyBanc, increased Spotify’s price target to $365 (from $340), while still maintaining an overweight rating.

Mario Lu at Barclays increased the Spotify price target from $300 to $310 and maintained an overweight rating.

Jeffrey Wlodarczak, a Pivotal Research analyst, raised the price target for Spotify from $300 to $385 and maintained a Buy Rating.