KeyBanc raised the firm’s price target on Spotify Technology to $440 from $420 and keeps an Overweight rating on the shares. The firm’s analysis of Spotify’s total addressable market suggests the company could achieve over 1B monthly active users and greater than 400M Premium subscribers by 2030, which are 3% and 4% above Street estimates, respectively. This supports at least 15% annual growth, with potential to achieve Spotify’s 20%-plus target as new products ramp, the analyst tells investors in a research note. With consensus looking for “just” 11% annual revenue growth, KeyBanc believes Spotify’s 2030 earnings power is “materially understated.”