Spotify’s (NYSE: SPOT) 2026 Investor Day appears to have impressed Wall Street experts as the streaming stock received seven bullish analyst updates and soared approximately 13% between the May 20 close and press time two days later.
Indeed, Citizens JMP analyst Matthew Condon cited the increased adoption of artificial intelligence (AI), as well as remix and cover functionality improved via a partnership with Universal Music Group, when he reissued the ‘Buy’ rating and raised his price target from $600 to $625.
The Wall Street expert also noted the wealth of data points accumulated by Spotify over its decades of operations and highlighted, as part of his bull case, the attractive valuation of SPOT shares.
Still, despite the clear optimism regarding both the equity and the business, Citizens JMP was far from the most bullish house regarding the music streaming platform.
Analysts update Spotify stock price forecast
Specifically, among the analysts who revised their Spotify stock price targets on May 22, Maria Ripps of Canaccord Genuity proved the most optimistic. According to the Wall Street expert, SPOT shares are set for a 46.94% rally to $720 in the next 12 months and are rated as ‘Buy.’
Other recommendations that came with forecasts higher than the one from Citizens were issued by JPMorgan’s (NYSE: JPM) Doug Anmuth – an upgrade from $600 to $650 – and KeyBanc’s Justin Patterson at $680.
Meanwhile, Morgan Stanley’s (NYSE: MS) Sean Diffley and Wells Fargo’s (NYSE: WFC) Steven Cahall provided slightly lower price targets at $610 and $600, respectively, despite giving positive recommendations for the equity.
Lastly, Barton Crockett, an analyst from Rosenblatt Securities, broke from the May 22 trend when he assigned a ‘Neutral’ rating and raised his price target for the next 12 months from $500 to a relatively modest $534.
Elsewhere, should the latest wave of Wall Street positivity translate into investor confidence, it would represent a welcome change from the previous 2026 trend.
Spotify stock is, at press time on May 22, 13% in the red year-to-date (YTD) and is, at $490, more than 23% down in the last 12 months, and trading approximately 36% under its all-time high (ATH) of $785.
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