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Spotify Shares Reach Another New High as Music Stocks Post Big Weekly Gain

Spotify's stock price reached a new high after the streaming company's reported its first-ever annual profit in its latest earnings.

Spotify led all music stocks this week with a 13.6% gain after its fourth-quarter earnings results on Tuesday (Feb. 4) showed that the company posted its first-ever net profit. With 203.8 million shares outstanding, according to its 2024 annual report released this week, Spotify’s market capitalization briefly reached $128.9 billion. Others that raised their price targets for Spotify were Evercore ISI (to $700 from $500), Morgan Stanley (to $670 from $550), DA Davidson (to $680 from $350) and Deutsche Bank (to $700 from $550).

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