Spotify Eyes $730 Resistance as JPMorgan Hikes Price Target

Spotify Technology S.A. (SPOT) is garnering increased attention as analysts at JPMorgan Chase & Co. raise their price target, signaling potential for further stock appreciation. The upward revision fuels optimism among investors, with the stock currently trading at $716.53, a 0.54% increase from its previous close.

JPMorgan’s updated model reflects confidence in Spotify’s financial trajectory, specifically citing recent international price increases as a key driver. The firm elevated its price target to $805 from $740, reiterating an “Overweight” rating on the shares. Continued international pricing adjustments, coupled with the possibility of a U.S. price increase by the end of the year or early 2026, could further bolster revenue projections. The firm currently projects Spotify's 2026 total revenue growth of 14% year-over-year.

This latest price target adjustment follows a series of upward revisions by JPMorgan over the past year. In July 2025, the target was increased from $730 to $780, driven by improved market sentiment, favorable currency movements, and lessening concerns about a recession. Prior to that, in June 2025, the firm lifted the target from $670 to $730, highlighting Spotify's dominant position in the audio streaming market and the substantial expansion of its monthly active users by approximately 10%. An earlier adjustment in April 2025 saw the target rise to $670 from $640, fueled by expectations of gross margins reaching 31.8% and operating income margins hitting 12.7% by 2025.

Adding to the positive outlook, Spotify is reportedly exploring the launch of a “Music Pro” tier. This premium service, potentially priced at an additional $5.99 per month, would offer enhanced features such as higher-quality audio, remixing tools, and access to concert tickets. The anticipated integration of artificial intelligence for features like song remixing could further enhance user engagement and attract new subscribers. The rollout is expected within the year, though specific details and pricing are still under consideration.

Other analysts also share a positive view. Cantor Fitzgerald recently raised its price target for Spotify to $610 from $520, maintaining a “Neutral” rating. This adjustment followed Spotify's first-quarter results, which showed revenue and gross profit aligned with expectations.

Spotify's stock has exhibited robust performance, with a remarkable 105.73% return over the past year. The recent price action, approaching the $730 resistance level, suggests renewed bullish sentiment. The combination of strategic initiatives, positive analyst assessments, and strong market performance paints a promising picture for the company.

Analyst Summary: Bull and Bear Cases