Spotify (SPOT) PT Lowered to $650 at Jefferies

Jefferies analyst James Heaney lowered the price target on Spotify (NYSE: SPOT) to $650.00 (from $750.00) while maintaining a Buy rating.

The analyst comments "Q4 results reinforce our positive view on the stock, as the Q1 GM guide of 32.8% (vs. cons 32.3%) suggests label wholesale price increases won't pressure GMs. Q4 MAU net adds (+38M) were the highest on record creating runway for conversion driven sub upside in '26. AI was a main focus on the call, with mgmt emphasizing AI won't disrupt SPOT's position as the dominant scaled distributor. We look to the May Investor Day for more detail on the AI feature roadmap."

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