NEW YORK, Jan 9, 2026, 13:37 EST — Regular session
- Spotify shares down about 2% in midday trade, lagging broader U.S. tech gains
- Guggenheim and Cantor Fitzgerald cut price targets, flagging softer 2026 assumptions and pricing questions
- Spotify touted a new Hollywood podcast studio and said it has contributed an estimated $10 billion to podcasting
Spotify Technology S.A. shares were down 2.1% at $542.20 in New York trading on Friday, easing even as the Nasdaq 100 tracking ETF rose about 0.8%. The stock was last down $11.48 from Thursday’s close of $553.68. (Google)
Moves like this matter because analysts are still reshuffling expectations for Spotify’s next stretch of growth. Price targets are Wall Street’s estimates of where a stock could trade over the next 12 months, and the latest trims show more caution around 2026 numbers.
Spotify is leaning harder into video podcasts and creator tools to drive engagement and advertising, a line that can swing faster than subscriptions. Investors want proof that higher monetization does not come with higher churn as Apple, Amazon and YouTube chase the same listening time.
On Thursday, Spotify showcased a new podcast studio in Hollywood called Sycamore Studios and put its podcast contribution at an estimated $10 billion over the last five years. Jordan Newman, Spotify’s head of content partnerships and the Spotify Partner Program, called it a response to a “video boom” and said the space was designed with “video at the center.” (Spotify)
Guggenheim lowered its price target on Spotify to $750 from $800 and reiterated a buy rating, citing “modestly lower” estimates. The broker said the timing of a U.S. price increase looked later than it had previously forecast and it trimmed its 2026 revenue and EBITDA growth assumptions; EBITDA is a common measure of operating cash profit. (Tipranks)
The timing question has been hanging over the stock. The Financial Times reported in November that Spotify planned to raise U.S. prices in the first quarter of 2026, though the company did not confirm the report at the time. (Reuters)
Cantor Fitzgerald also trimmed its target, cutting to $615 from $675 and keeping a neutral rating. In a research note, the firm flagged macro uncertainty while arguing sentiment for “global internet” names could improve into 2026. (Tipranks)
The stock traded between $539.19 and $555.71 on Friday, with volume topping 2 million shares by early afternoon. It pushed above $555 earlier in the session before giving back ground, leaving the $550 area in play.
But Spotify is also dealing with reputational noise around its advertising business. The company said it is no longer running U.S. Immigration and Customs Enforcement recruitment ads after the government campaign ended, following criticism from some artists and users. (Theguardian)
Next is Spotify’s fourth-quarter results and guidance. Spotify has said it plans to post the results and shareholder deck on Feb. 10 before the U.S. market opens, followed by a live Q&A at 8 a.m. Eastern. (Businesswire)
