Spotify (SPOT) Soars 3.07% on Analyst Upgrade

Spotify Technology's stock surged 3.07% in pre-market trading on April 23, 2025, reflecting a positive sentiment among investors.

Wolfe Research has upgraded Spotify Technology (SPOT) to Outperform from Peer Perform, setting a price target of $660. This upgrade comes after the firm's previous downgrade in January, indicating a renewed confidence in the company's prospects. Analyst Peter Supino highlighted Spotify's potential for continued growth and diversification, which could lift margins and drive further stock performance.

Benchmark also adjusted its outlook on Spotify, lowering the price target to $700 from $720 while maintaining a Buy rating. This move suggests that while the firm remains optimistic about Spotify's future, it has slightly tempered its expectations for short-term gains.