Spotify stock slides after Bernstein slashes target to $650 as AI push hits valuation nerves
Spotify shares fell 2.5% to $521.28 after Bernstein and Wells Fargo cut their price targets, citing risks tied to AI-driven products and new offerings. The stock has slid since Jan. 8 as investors await Feb. 10 earnings for clarity on 2026 margins and pricing. Founder Daniel Ek stepped down as CEO Jan. 1, replaced by co-CEOs Alex Norström and Gustav Söderström.