Research Disclosures & Disclaimers

This website contains disclosures and disclaimers related to
published UBS Global Research products, including those related to
regulation, potential conflicts of interest as well as those provided
by third-party data providers describing limitations on use of their
products.

Spotify Technology S.A. (SPOT.N)*

UBS Rating and Price Target History Chart

Line chart explaining Price target vs Stock Price is described in below table

EQ Rating & Price Target Table

Date	Stock Price (US$)	Price Target (US$)	Rating
2022-03-25	146.04	275.00	Neutral
2022-04-04	158.84	185.00	Neutral
2022-07-27	116.61	142.00	Neutral
2023-01-04	81.33	100.00	Neutral
2023-01-31	112.72	110.00	Neutral
2023-04-25	138.20	146.00	Neutral
2023-07-25	140.38	163.00	Neutral
2023-10-25	161.82	170.00	Neutral
2024-01-29	218.61	274.00	Buy
2024-04-04	295.96	375.00	Buy
2024-07-11	300.98	400.00	Buy
2024-07-23	330.79	415.00	Buy
2024-11-12	419.39	485.00	Buy
2025-01-14	463.59	540.00	Buy
2025-02-04	621.77	720.00	Buy
2025-04-01	551.73	690.00	Buy
2025-04-14	549.17	680.00	Buy
2025-06-26	775.90	895.00	Buy

Disclosures

UBS Securities LLC makes a market in the securities and/or ADRs of this company.
UBS holds a long or short position of 0.5% or more of the listed shares of this company.

Note : Historical Price Targets have been adjusted to account for any stock splits, rights issues and/or dividends which may have occurred for this security. Not Priced: Stock was not priced on the given date. No Rating: Issuer was not rated by UBS on the given day. No Price Target: For this issuer no Price Target was set by UBS on the given day. Issuers with an EQ Rating & Price Target Table are covered by UBS-IB Equity Research Analysts. Issuers without an EQ Rating & Price Target Table are not single stock covered.

* Issuers marked with an asterisk are covered by UBS-IB Equity Research Analysts. Issuers without an asterisk are not single stock covered.