Top Wall Street Forecasters Revamp Spotify Expectations Ahead Of Q3 Earnings

Core Insights - Spotify is set to release its third-quarter earnings on November 4, with expected earnings of $2.14 per share, an increase from $1.45 per share year-over-year, and projected revenue of $4.23 billion, up from $3.99 billion a year earlier [1] Management Transition - On September 30, Spotify announced a management transition, appointing Gustav Söderström and Alex Norström as Co-CEOs, succeeding founder Daniel Ek, who will become Executive Chairman on January 1, 2026 [2] Stock Performance - Following the management announcement, Spotify's shares fell by 1.7%, closing at $644.09 [2] Analyst Ratings - The consensus rating for Spotify is "Buy," with a highest price target of $900.00, a lowest price target of $416.00, and a consensus price target of $724.55 [4] Recent Analyst Actions - Goldman Sachs downgraded Spotify from "Buy" to "Neutral," raising the price target from $765 to $770 [6] - Argus Research initiated coverage with a "Buy" rating and a price target of $845 [6] - JP Morgan maintained an "Overweight" rating, increasing the price target from $740 to $805 [6] - Citigroup maintained a "Neutral" rating, raising the price target from $715 to $750 [6] - Guggenheim reiterated a "Buy" rating with a price target of $850 [6]