Oppenheimer & Co. raised its rating on Spotify Technology SA to Outperform from Perform and assigned an $800 price target, implying significant upside for a stock the firm says is still 14% below its all-time high. The brokerage cited accelerating monthly active-user growth, emerging monetization products including a Superfan subscription tier, and management’s authorization for share repurchases as catalysts for revenue expansion and multiple re-rating. The firm models a 16% compound annual revenue growth rate over the medium term. Spotify shares rose about 1.3% in early New York trading on Thursday following the call, extending gains ahead of the audio-streaming company’s second-quarter earnings release scheduled for next week.