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StocksMediumUpdated•Originally published 13 April 2026•Updated 14 April 2026•

1 min read

Jefferies Maintains Buy Rating on Spotify with $650 Price Target Ahead of Q1 Earnings

Key Facts

1Jefferies analysts maintained a 'Buy' rating on Spotify with a $650 price target.

2Spotify is scheduled to report its Q1 earnings on April 28.

4 months ago

Version History

Version 14 months ago

What changed: Added UBS projections on margin growth, Sensor Tower data regarding subscriber upside, and the impact of US price hikes, while noting a potential Q2 slowdown.

Jefferies analysts have maintained a 'Buy' rating on Spotify (SPOT) with a $650 price target, as positive sentiment builds ahead of its April 28 earnings report. UBS analysts are now projecting accelerating revenue growth and margin expansion for the first quarter, bolstered by Sensor Tower data suggesting a potential upside in subscriber additions. Furthermore, the company is expected to see the full-quarter benefit of recent US price increases reflected in its Q2 results. However, experts caution that subscriber growth may face a slowdown in the second quarter due to tougher year-over-year comparisons. Despite these potential headwinds, the overall outlook remains bullish regarding Spotify's operational efficiency and long-term scaling. The stock continues to trade with positive momentum as investors weigh these fundamental drivers.