Spotify stock

Photo Credit: Sven Piper

Will Spotify stock (NYSE: SPOT) climb to $800 per share? Morgan Stanley and others believe so, and they’ve set bullish SPOT targets despite the company’s so-so Q2 financials, the quick-approaching exit of Daniel Ek as CEO, and Goldman Sachs’ comparatively measured forecast.

Morgan Stanley’s Benjamin Swinburne settled on a buy rating and an even $800 target for Spotify stock, which was trading at $689 or so per share at the time of this writing.

Explaining the optimistic outlook – Morgan Stanley also deemed Spotify stock a top pick – Swinburne pointed to the streaming platform’s perceived room for revenue growth and margin expansion stemming from marketshare improvements and new product offerings.

Among the latter are forthcoming gen AI features, an adjacent superfan tier, and Spotify’s video podcast partnership with Netflix, to name a few. Furthermore, different analysts touched on similar ideas when setting bullish SPOT targets of their own.

Specifically, CFRA upgraded SPOT from hold to buy and opted for a $790 target, against $800 targets from both Benchmark (which painted the Netflix deal as a mutually beneficial opportunity) and Jefferies (which expressed the belief that appointing Gustav Söderström and Alex Norström co-CEOs could prove advantageous for the company in the long term).

On the other hand, as initially mentioned, Goldman Sachs’ own view of SPOT’s path forward isn’t quite as positive. Admittedly, Goldman’s $770 target doesn’t exactly fall into the bearish category, either – especially since Spotify stock’s already up a staggering 80% from the same point in 2024.

But the $5 target decrease does contrast the unbridled enthusiasm fueling certain SPOT forecasts, some of which, from the likes of JPMorgan Chase (which set an $805 target in late September) and HSBC ($814), are even more bullish than those described above.

(Apparently, JPMorgan isn’t rallying behind Goldman itself, as it just recently downgraded the investment bank’s own stock.)

In any event, all eyes are now on Spotify’s Q3 2025 earnings report, which is scheduled to release on November 4th.

Despite all the analyst talk of bigger-picture leadership and diversification moves, if that report fails to deliver on the revenue and subscriber fronts, it seems safe to say that SPOT could dip as opposed to rocketing into the $800-per-share stratosphere.

To be sure, it was only in late July that the mixed Q2 2025 earnings bag (including a snapped profitability streak) ushered in SPOT’s descent to $600 and change. More generally, we’ve seen situations in the past where red-hot targets, buckling under the weight of inherently unpredictable market trends and hard earnings numbers, made way for significant valuation falloffs.