Pivotal Downgrades SPOT, Spotify Technology S.A., to Hold Feb 2026

On February 11, 2026 Pivotal Research downgraded SPOT to Hold, citing AI risk to paid music streaming. This update anchors the day’s coverage and shapes the current SPOT analyst rating landscape. Later that morning Benchmark and Bernstein each reiterated their positive views and kept constructive ratings. Investors saw small intraday price moves after these notes, with measured volatility and sector chatter about AI. We review each firm action, the market reaction, and what the SPOT analyst rating changes mean for shareholders.