Spotify [NYSE: SPOT] stock up 63.7% this year, with more growth ahead, say analysts

Spotify stock is up 63.7% since the start of 2024 and 133.7% in the last 12 months while most overall market indexes are up just 7% to 9% year to date. Spotify [NYSE: SPOT] closed Monday at $309.O7.

Most major stock analysts still see more upside potential for Spotify, with the more conservative analysts predicting a $320 per share price in the near future. Pivotal Research believes that Spotify stock will grow an additional 26% to $380.00 per share this year, and a few others see a year-end price closer to $400.

The latest jump in price came after reports that Spotify plans to raise the price of paid subscription services in multiple markets later this month and in the U.S. later in the year.

Bloomberg reported that Spotify subscriptions will increase by $1 a month for individual plans and $2 for family and duo plans in the U.K., Australia, and Pakistan by the end of April. A price increase in the US will follow later this year, and increases in other territories are under consideration.

The streamer will also launch new subscription plans, including a super-premium plan with high-rez audio and another that does not include audiobooks.

Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a Berklee College Of Music professor.