Spotify price target lowered to $700 from $750 at Evercore ISI

Evercore ISI lowered the firm’s price target on Spotify (SPOT) to $700 from $750 and keeps an Outperform rating on the shares. The beat and mixed Q4 EPS results were fundamentally and relatively good results, and justify the 15% move up in the shares, the analyst tells investors in a research note. The firm noted that its FY26 and FY27 estimates have changed slightly, with its FY revenue reduced 4%/5% and operating income down 3%/5%, accordingly, adding that it continues to view Spotify as the global leader in streaming audio, supported by accelerating monetization, durable user growth, and improving profitability.