The analyst believes that Spotify achieved its strongest-ever fundamental performance in Q2 2026, with EPS reaching $3.0071, revenue of $5.5 billion, monthly active users (MAU) hitting 777 million, premium subscribers surpassing 300 million for the first time, and a record gross margin of 33.4%. Management reiterated its 2030 targets of mid-double-digit revenue CAGR, a gross margin of 35% to 40%, and an operating margin exceeding 20%. The analyst set a 12-month price target for Spotify at $707.43, representing a 34.17% upside from the August 27 closing price of $527.25, and assigned a "Buy" rating with 90% high confidence. In a bull-case scenario, the stock price is expected to reach $1382.16 by 2030.