Spotify Technology S.A. (SPOT) shares are soaring 5.01% in intraday trading on Thursday, following a significant price target upgrade from Bank of America Securities. The streaming giant's stock is gaining momentum as analysts express increased confidence in its growth prospects.

Bank of America Securities reaffirmed its Buy rating on Spotify and dramatically raised its price target to $900 from $700. This represents a substantial upside from the stock's current trading levels. The firm believes Spotify is well-positioned in the market, though specific reasons for the upgrade were not immediately available.

Investors' enthusiasm may also be partly fueled by anticipation of Spotify's upcoming second-quarter 2025 financial results. The company is scheduled to announce its Q2 earnings on July 29, 2025, before the market opens. As Spotify continues to expand its user base and diversify its content offerings, including podcasts and audiobooks, the market will be keenly watching for signs of continued growth and profitability in the forthcoming report.