Spotify stock slips ahead of Q3 earnings as analysts trim targets
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The gist
Spotify stock was down roughly 10% this year ahead of its Oct. 22 quarterly earnings.
Consensus expects $3.10 EPS, a 19% yearly decline, making the print the next catalyst.
Background
Spotify Technology is the NYSE-listed music and podcast streaming company (ticker SPOT). Its stock has been muted in 2026, and several research firms have trimmed price targets in recent months while mostly keeping buy ratings. The next scheduled catalyst is the company's third-quarter earnings event on Oct. 22, with consensus at $3.10 in earnings per share, about a 19% decline year-over-year.
How it unfolded
- Jul 9, 2026Wells Fargo cut its price target on Spotify from $600 to $570 while keeping an overweight rating.
- Jul 22, 2026Benchmark lowered its target from $695 to $650 with a buy rating.
- Aug 4, 2026Spotify reported quarterly earnings of $3.03 per share, missing the $3.16 consensus by $0.13; revenue was $5.45 billion versus $5.47 billion expected.
- Aug 5, 2026Rosenblatt cut its target from $531 to $527 (neutral), while Guggenheim reissued a buy rating with a $565 target.
- Oct 5, 2026UBS lowered its target from $690 to $675 with a buy rating.
- Oct 16, 2026Stonex Financia downgraded Spotify from strong-buy to hold, per Zacks.
- Oct 20, 2026Hyperion Asset Management cut its Spotify position by 24.0% in the third quarter, holding 81,868 shares worth $39,901,000.
- Oct 21, 2026Spotify stock was down roughly 10% versus the start of the year ahead of its quarterly report.
- Oct 22, 2026Spotify's earnings event is scheduled, with consensus at $3.10 EPS, about a 19% decline year-over-year.
Who’s saying what
- Analysts
- MarketBeat data shows a consensus Moderate Buy rating and an average price target of $610.25, with one Strong Buy, twenty-three Buy and eight Hold ratings.
- Caution
- Stonex Financia downgraded the stock to hold, and Hyperion Asset Management cut its position by 24.0% in the third quarter.
- Bulls
- Zacks notes premium revenue rose 15% on subscriber gains and price increases, and Barchart says derivatives markets see some near-term recovery possible after earnings.