Core Insights - Spotify Technology S.A. is considered a strong long-term investment, with analysts maintaining positive ratings and price targets [1][2]. Financial Performance - In Q3 2025, Spotify reported a 12% year-over-year growth in subscribers, reaching 281 million, and a similar 12% growth in revenue to €4.3 billion [3]. - Monthly active users increased by 11% year-over-year to 713 million [3]. Analyst Ratings - Jefferies analyst James Heaney maintained a Buy rating with an $800 price target on November 17 [1]. - Philip Securities upgraded Spotify from Reduce to Accumulate on November 10, raising the price target from $600 to $650, citing minimal churn and improved revenue stability [2]. User Engagement and Strategy - CEO Daniel Ek emphasized the importance of user fundamentals, noting that Spotify has 700 million users with high engagement levels [4]. - The company is focused on profit expansion and revenue growth through product innovation, pricing strategies, operational leverage, and advertising improvements [4].