UBS, one of several major analysts dropping its target price on Spotify (Photo: Urban Renewal, CC by 3.0)
Spotify’s stock is still on the decline in 2026 despite broader market upticks. Now, a flurry of reduced price targets are buffeting SPOT after a Goldman Sachs downgrade last year.
It’s no secret that Spotify’s stock (SPOT) has been trending downward since last year. While multiple contributing factors are at play—including the departure of co-founder Daniel Ek from the CEO helm—analysts have predominantly remained bullish.
That is, aside from Goldman Sachs, which downgraded the stock last year. Now, Goldman has some company, with numerous price target drops hitting the stock this month.
Reasons for target declines are varied. The streaming music space has indeed matured in recent years, with the lion’s share of subscribers potentially accounted for—and it’s unclear how much wiggle room exists for price increases. Meanwhile, the broader markets continue trending modestly upward and into record territory since Q4 2025, with both the DJIA and S&P 500 hitting record highs already in 2026. That puts the spotlight on SPOT’s comparatively unique position.
As of late Wednesday, SPOT sits at just above $500, down more than 11% year-on-year, and down roughly 30% from its previous highs in September. Analysts including Wells Fargo, Oppenheimer, Bernstein, UBS, Cantor Fitzgerald, and Guggenheim have all recently lowered their price targets for SPOT as January nears its halfway point.
The price cuts have been coming in domino-like fashion — all within that past two weeks. Wells Fargo objectively cut its price for SPOT from $750 to $710, with an “overweight” rating on the stock, suggesting a potential upside of 34.44% from the stock’s previous close. Oppenheimer lowered its target price on Spotify from $825 to $750, maintaining an “outperform” rating on its shares and remaining bullish on its long-term fundamentals. Analysts at Sanford C. Bernstein lowered their SPOT price objective to $650 from $830, maintaining an “outperform” rating on its shares, and indicating a potential upside of 23.6%.
Overall ratings remain bullish, however. Out of the 34 Wall Street analysts who have issued ratings for SPOT in the last 12 months, nine have given a “hold” rating, 23 have given a “buy” rating, and 2 have given a “strong buy” rating.
The average target price is $747.23, representing a forecasted upside of 41.35% from its recent $528.66 closing price.
