Multiple Firms Raise Spotify Stock Price Targets Amid Growth

Analysts have generally raised their price targets for Spotify Technology (NYSE: SPOT), reflecting optimism about the company's future despite a recent earnings miss. Guggenheim raised its price target to $850 and maintained a Buy rating, citing recent price increases in several markets that are expected to be gross margin accretive and forecasting further increases in major markets like the U.S. Oppenheimer also raised its price target to $825 with an outperform rating, while Bank of America set an even higher target of $900. However, some analysts, including Morgan Stanley and UBS, slightly lowered their targets but maintained overweight or buy ratings. Spotify reported quarterly revenue of $4.94 billion, surpassing expectations, though earnings per share were negative at ($0.42), missing estimates. The company continues to rely heavily on its premium subscribers, with nearly 700 million monthly active users and over 250 million paying subscribers, and is expanding revenue through price increases and subscription offerings including music and podcasts.