SPOT•Spotify shares have fallen 16% year-to-date in 2026, even as Bank of America assigned a Buy rating with a $685 price target implying 41% upside. BofA included Spotify among its top Q3 picks based on expected subscriber growth and improved monetization.
Bank of America upgraded Spotify to Buy and set a $685 price target, implying 41% potential upside from current levels. Analysts highlighted accelerating premium subscriber adds and enhanced ad monetization as key catalysts for Q3 revenue growth.
Spotify shares have declined 16% in 2026, underperforming peers due to slowing user growth concerns and elevated content licensing costs. Investors will focus on upcoming Q3 guidance, subscriber trends and ARPU improvements to assess stock recovery prospects.
