Investing.com - It didn't take long for Wall Street to weigh in on Spotify after the music streaming service went public.
Research firms Canaccord Genuity and Stifel have issued bullish buy notes to clients.
Canaccord Genuity said the music streaming service deserves a "premium valuation", and set a 12-month stock-price target of $200 a share.
Stifel said it expects the company to become profitable by 2021 as it doubles it user base and paying subscribers. Stifel's stock price forecast is $180.
Spotify broke with Wall Street convention by opting for a direct listing of its shares rather than an initial public offering with underwriters.
Spotify's closely-watched launch was deemed a success, with the stock gaining 13% in its NYSE debut.
Other prominent tech firms looking to go public, such as Uber and Airbnb, are said to be considering the direct listing route.
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