UBS analysts have reiterated a Buy rating for Spotify Technology SA, citing strong revenue growth momentum and a projected 13% increase in FXN revenue for 2025, driven by the addition of 23 million premium subscribers. The firm expects gross margins to rise to 32.3% and free cash flow to reach €3.0 billion, supported by product enhancements and potential new monetization strategies. Key growth catalysts include the launch of premium tiers, price adjustments, and improved advertising trends.