Benchmark’s Bullish View Supports Spotify Technology S.A. (SPOT) as a Steve Cohen Large-Cap Pick

May 18, 2026 - 02:07

Spotify Technology S.A. (NYSE:SPOT) has landed on billionaire investor Steve Cohen's radar as one of his top large-cap stock picks with significant upside potential. The streaming giant continues to draw attention from Wall Street, even as analysts adjust their near-term expectations.

On April 29, Benchmark reaffirmed a Buy rating on Spotify but trimmed its price target to $695 from $760. The revision reflects growing concerns about the company's cost structure. Despite the lower target, the firm remains optimistic about Spotify's long-term trajectory, suggesting the stock still has room to run.

The price target cut comes as Spotify works to balance growth with profitability. The company has been investing heavily in its podcast and audiobook businesses, which have boosted user engagement but also added to operating expenses. Some analysts worry that these costs could weigh on margins in the near term.

Cohen's firm, Point72 Asset Management, has shown confidence in Spotify as a large-cap holding. The stock's inclusion in his portfolio signals a belief that the company can navigate its current challenges and deliver strong returns. With Benchmark's bullish stance and Cohen's backing, Spotify remains a name to watch in the streaming space.