Piper Sandler analyst Matt Farrell reiterated a Neutral rating on Spotify Technology S.A. (NYSE:SPOT) with a price target of $150. Investors have warmed up to the conservatism in the Q3 subscriber guidance following disappointing net add assumptions. Farrell noted that the price increase only impacts one month of Q3 but will fully impact Q4. He remains on the sidelines heading into the earnings announcement, seeking further clarity on subscriber trends, incremental levers for gross and operating margin, and any signs of an advertising inflection.