Spotify stock

With the Q3 earnings dust having mostly settled, Spotify stock (NYSE: SPOT) is still down on the week and the month. Now, while analysts are generally optimistic about shares’ path forward, some are lowering their SPOT targets amid growth concerns.

When the market closed today, SPOT was worth an even $620 per share – down 6% across the past five trading days and nearly 9% during the past month. Nevertheless, the price represents a 35% jump from 2025’s start and an over 60% spike from early November 2024.

In other words, SPOT is riding high in the grand scheme of things. But when it comes to its trajectory during the final months of 2025 and into 2026, the stock isn’t exactly benefiting from unbridled analyst enthusiasm.

At a glance, that reality might appear to contradict the above-noted general optimism. However, multiple high-profile downgrades – including Goldman’s neutral rating and $770 target – imply a substantial upside for SPOT.

More recently, several analysts have adjusted their Spotify stock forecasts since the company yesterday posted solid user growth, sluggish North American subs additions, and an adverts-revenue decline for Q3 2025.

On the bullish end of the forecast spectrum, Benchmark has settled on a buy rating and an $860 target (up from $800), emphasizing the platform’s price-increase-fueled Premium ARPU boost and a potential 2026 adverts-revenue improvement.

Speaking of the DSP’s well-documented ad-supported woes, Bernstein has dismissed related concerns, reiterated an outperform SPOT rating, and opted for an $830 target. In the entity’s view, Spotify’s loosened free-tier restrictions won’t have a negative effect, either.

Meanwhile, Cantor Fitzgerald’s $675 target (up from $640 and still with a neutral rating) suggests a comparatively modest – but sizable – growth path for SPOT. Among other things, the firm is anticipating “plenty of runway” for Spotify price bumps despite the DSP’s widening pricing gap with competitors.

Also on the forecast spectrum’s bearish side – “bearish” being relative given the expected $180-per-share surge – is Guggenheim’s $800 target. Once again accompanied by a buy rating, that price is down from $850.

Time will, of course, reveal if Spotify stock actually hits these aggressive targets. Closer to the present, the company today teed up a shareholder meeting for December 10th, when investors will decide whether to add soon-to-be co-CEOs Alex Norström and Gustav Söderström to the board.

Though their securing seats seems likely, it’s worth reiterating that during the leadership-transition conference call, one analyst asked how execs could “justify…as appropriate for Spotify” the board presence of up to five insiders.