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"We believe an all-you-can-listen-to on-demand music streaming service for $9.99 a month is high on the list of Internet services offered on a value per dollar basis, right behind's Amazon's $99 a year all-you-can-order (and more) Prime membership and Netflix's $10.99 a month all you-can-watch subscription," analyst John Egbert said in a note.
Stifel issued a buy rating on the stock, which made its debut on the New York Stock Exchange on Tuesday. It put a target price of $180 per share, a 25 percent upside from Wednesday's closing price.
Spotify, which counted 160 million monthly active listeners and 70 million paying subscribers as of December, has yet to see a profit.
Egbert is forecasting the company will double its user base and paying subscribers, and see a profit by 2021.
"We think Spotify's market leadership, emerging markets exposure, favorable user demographics, the secular shift to mobile and digital services, as well as the near-universal appreciation of music, will support Spotify's growth for years to come," he said.
Spotify has had a mixed first few days on the public markets. Shares rose as much as 28 percent in its NYSE debut, before closing 13 percent up. On Wednesday, the stock returned some of its gains, falling as much as 8.5 percent before closing 3 percent down.