Spotify Buy Rating Reaffirmed as Rivals Match Price Hikes; Bullish $620 Target Maintained
Complete. Here is the key summaryCiti analyst Jason Bazinet reaffirmed a Buy rating on Spotify with a $620 price target, citing that rivals like Apple Music and Amazon have raised prices, validating Spotify's hikes and reducing competitive risks. Oppenheimer also maintained a Buy rating with a $550 target.
Analyst Jason Bazinet of Citi maintained a Buy rating on Spotify, retaining the price target of $620.00.
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Jason Bazinet has given his Buy rating due to a combination of factors tied to Spotify’s recent pricing moves and the industry’s response. He notes that Apple Music, Amazon Music, and YouTube Music have all now raised their subscription prices, effectively validating Spotify’s earlier U.S. price increase and easing prior worries about competitive undercutting.
Bazinet emphasizes that this broad-based price alignment reduces the risk of near-term subscriber losses for Spotify and supports healthier long-term margins. With major rivals now within $1 of Spotify’s U.S. plan—largely reflecting Spotify’s added audiobook value—he views the competitive landscape as more rational, justifying an unchanged, bullish price target of $620 on the stock.
According to TipRanks, Bazinet is a 5-star analyst with an average return of 15.4% and a 58.64% success rate. Bazinet covers the Communication Services sector, focusing on stocks such as Walt Disney, Roblox, and AppLovin.
In another report released on July 16, Oppenheimer also maintained a Buy rating on the stock with a $550.00 price target.