KeyBanc lowered the firm’s price target on Spotify (SPOT) to $830 from $860 and keeps an Overweight rating on the shares. The firm believes Spotify increasingly screens as a compelling stock to own into 2026 given near-term monthly active users and Premium Subscriber momentum show the product is resonating; ad comps normalize next year; and pricing remains a lever to pull against music and non-music content. In KeyBanc’s view, the Q2 selloff is a byproduct of elevated expectations, tech rotation, and confusion over numbers.
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