Goldman Sachs upgraded Spotify (SPOT) to Buy from Neutral with a price target of $700, down from $735. The firm sees a “more compelling risk/reward” for the shares into Spotify’s Q4 report following the recent selloff. The company is well positioned to benefit longer term from steady Premium subscription price increases, the introduction of new premium pricing tiers, and monthly active user growth. Goldman sees Spotify’s advertising revenue growth accelerating in 2026 and beyond. The company’s “long-term secular growth themes” are underappreciated at current share levels, the firm contends.
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