Spotify Stock Hits Historic $400 Mark as Wall Street Analysts Raise Price Targets
Spotify's stock has surpassed $400 per share for the first time in its history, setting a new record ahead of its Q3 2024 earnings report.
Spotify stock price chart
This milestone comes after significant operational changes, including a renewed focus on profitability and operational efficiency. The company's transformation from aggressive expansion to profitability-focused operations has drawn positive attention from major analysts.
Several prominent financial institutions have issued bullish target prices:
- Morgan Stanley: $430
- Deutsche Bank: $440
- Rosenblatt Securities: $438
- KeyBanc Capital Markets: $490
The optimistic outlook is driven by:
- Expected subscriber growth
- Expansion in audiobooks
- Potential price increases in emerging markets
- Improved operational efficiency
- Sustained profitability focus under new CFO
Spotify's market capitalization has now reached approximately $80 billion, surpassing Universal Music Group by about $34 billion. The company's Q3 earnings report, scheduled for November 12th, will be crucial in determining whether this momentum continues.
The Motley Fool analyst Travis Hoium suggests Spotify has "10x potential" and is likely to outperform the market over the next five years, highlighting the strong confidence in the company's current direction and future prospects.
Related Articles
IMPALA Blasts Amazon Music's Artist-Centric Streaming Thresholds, Warns of 70% Revenue Impact
