New York, Feb 9, 2026, 12:31 PM EST — Regular session
- Spotify slipped 0.7% to $419.53 as of midday in New York.
- KeyBanc knocked its price target down to $720 from $830, pointing to currency headwinds as the reason.
- Traders are making moves ahead of Spotify’s quarterly report, set to land before Tuesday’s opening bell.
Spotify Technology S.A. slipped Monday, pressured by a price target cut from KeyBanc. The stock dropped 0.7% to $419.53, moving within a $410.40 to $430.00 range as investors stayed cautious before Tuesday’s earnings release.
Spotify’s results come at a critical time for the stock. Investors are looking for evidence that the company’s new monetization efforts aren’t slipping, and that margins will keep inching higher—even with currency headwinds and rivals in the mix. It’s guidance that will likely steer what’s next, more than the top-line figures.
KeyBanc cut its target on Spotify to $720 from $830 but stuck with its Overweight call, flagging currency as a short-term drag on revenue and free cash flow. Even so, analysts there described Spotify’s current valuation as “strikes us as overdone,” insisting the company’s pricing power is still solid. 1
For global consumer platforms, currency swings can bite—sales made abroad drop in dollar value when exchange rates turn unfavorable. Even with solid unit growth, the headline numbers can get blurred.
Spotify will report its fourth-quarter 2025 numbers before U.S. trading kicks off on Tuesday, Feb. 10. The Q&A session is slated for 8:00 a.m. Eastern. 2
Premium subscriber growth, ad-supported gains, and gross margin are set to be the main focus for investors. Shifts in 2026 operating profit or cash generation targets could hit the shares right away.
Pricing remains a hot spot. Spotify announced last month it’s bumping up its premium plan by $1, bringing the monthly bill to $12.99 in the U.S., Estonia, and Latvia. That change kicks in starting February. 3
Spotify is expanding its footprint in the book world. The company said it’s teaming up with Bookshop.org, giving users the option to purchase physical books right in the Spotify app. It’s also rolling out “Page Match,” which is designed to link up physical or e-book reading with audiobook listening. “We believe the future of reading or listening needs to be flexible,” said Owen Smith, Spotify’s global head of audiobooks. 4
But there’s a flip side to this setup. If subscriber growth forecasts come in soft, churn picks up following price hikes, or advertising momentum stumbles, those negatives could easily eclipse any margin gains—especially now that currency volatility is back in the mix.
Tuesday’s report and call are up next. Traders are zeroed in on any signals about 2026 growth, how pricing might shake out, and what kind of margin gains are on the table.
