Spotify stock soars toward $800 as Morgan Stanley sets bullish target
Multiple Wall Street firms predict Spotify shares will reach $800 despite recent leadership changes and mixed financial results. Morgan Stanley analyst Benjamin Swinburne assigned a buy rating with an $800 price target while the stock traded around $689. The firm cited potential revenue growth from artificial intelligence features and a premium superfan subscription tier.
CFRA raised its rating to buy with a $790 target. Benchmark and Jefferies each set $800 projections. Goldman Sachs took a more conservative stance with a $770 forecast after reducing its previous estimate by $5.
The streaming company reports third-quarter earnings on Nov. 4. Spotify stock has climbed 80 percent from the same period last year but dropped below $600 after second-quarter results disappointed investors. Chief Executive Daniel Ek plans to step down from his position.
