Music streamer Spotify Technology earned a pair of price-target hikes from Wall Street analysts on Monday. But Spotify stock was little moved on the news.
Guggenheim analyst Michael Morris kept his buy rating on Spotify stock and upped his price target to 850 from 800. Oppenheimer analyst Jason Helfstein reiterated his outperform rating on Spotify and raised his price target to 825 from 750.
On the stock market today, Spotify stock dipped 0.7% to close at 728.07.
IBD MarketSurge charts show Spotify in a cup base with a buy point of 785. It hit an early entry on Friday after rising above its 50-day moving average line.
Also Friday, Spotify announced a global billboard campaign to support the launch of Taylor Swift's new album, "The Life of a Showgirl," due out Oct. 3. The electronic billboards are in 12 locations worldwide, including New York City.
Spotify's recent price increases in international markets will drive improved profitability for the streaming audio giant, Guggenheim's Morris said in a client note.
"Late last week Spotify announced price increases in several markets, including Germany, Austria and Switzerland," Morris said. "Increases ranged from 8% to 22% across plans and markets."
He added, "We continue to expect another round of price increases to be announced in Spotify's largest markets, including the U.S., before year-end, with the financial impact to begin in early 2026."
Spotify Stock Has Middling Composite Rating
Spotify stock has an IBD Composite Rating of 62 out of 99, according to IBD Stock Checkup.
IBD's Composite Rating is a blend of key fundamental and technical metrics to help investors gauge a stock's strengths. The best growth stocks have a Composite Rating of 90 or better.
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