5 Most Promising Growth Stocks to Buy Now

4. Spotify Technology S.A. (NYSE:SPOT)

Stock Upside Potential: 22.47%

Expected 5-Year Earnings Growth: 22.98%

Number of Hedge Fund Holders: 123

Spotify Technology S.A. (NYSE:SPOT) is one of the most promising growth stocks to buy now. On June 3, Citizens reiterated that Spotify Technology SA (NYSE:SPOT) is in a phase of robust growth. The research firm raised its 2027 EBITDA estimates for the company by 5%, buoyed by new product launches that improve monetization.

In addition, it expects the company to benefit from lower operating expense growth as it laps a year of investment. Consequently, it has reiterated a Market Outperform rating on the stock with a $625 price target. The bullish stance underscores confidence about the company’s outlook given its structural advantages.

Spotify Technology operates as a multi-vertical platform spanning music, podcasts, and video podcasts. It also offers audiobooks, engaging more than 750 million monthly active users. The company also generates a proprietary dataset that it uses to deliver differentiated, personalized experiences.

On the other hand, Cantor Fitzgerald raised its price target of the stock to $520, impressed by the strength of the company’s artificial intelligence product roadmap. It has already inked a strategic collaboration with UMG for artist cover creations.

Spotify Technology S.A. (NYSE:SPOT) operates as a massive global audio-streaming platform. Spotify Strategy and Business Model – Umbrex. It provides users with instant access to millions of songs, podcasts, and audiobooks through both free, ad-supported tiers and paid subscriptions.