Wells Fargo analyst Steven Cahall lowered the firm’s price target on Spotify (SPOT) to $710 from $750 and keeps an Overweight rating on the shares. The firm notes Spotify has traded off the last few months, and it thinks a U.S. price increase plus more bullish commentary on the 2026 margin outlook could kickstart the shares. Wells trims estimates and valuation to reflect slippage in new offerings, but still sees over 30% upside.
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