Spotify Stock Hits Historic $371 Peak as Wall Street Predicts Further Gains
Spotify stock (NYSE: SPOT) reached a new all-time high of $371.11 per share, nearly doubling in value since the beginning of 2024. The company's market cap now stands at approximately $75 billion, reflecting a 138% increase since September 2023.
Spotify stock trend line graph
Major financial institutions have issued bullish forecasts for SPOT:
- Bank of America: $380
- UBS: $400
- Goldman Sachs: $425
- KeyCorp: $440
- Pivotal Research: $510
Some analysts maintain more conservative outlooks, with Cantor Fitzgerald targeting $340, though this still represents significant growth from the $188 price point at 2024's start.
The stock's growth coincides with Spotify's increased focus on profitability and operational efficiency. Key performance indicators include:
- Q2 Premium Subscribers: 246 million (exceeded guidance)
- Q2 Monthly Active Users (MAUs): 626 million (below 631 million forecast)
Future growth factors to watch:
- Audiobook expansion
- Advertising revenue growth
- AI development initiatives
- Potential video content integration
- Emerging market subscription growth
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