*By Conor White*
Analysts were wrong about Spotify.
That's according to BTIG media and tech analyst Rich Greenfield, who initiated coverage of the stock this week with a "Buy" rating. In an interview with Cheddar Tuesday, he said he should have been more optimistic at the start.
"We were pretty concerned with how the stock would trade, and looking for it to settle, and honestly, we just tried to be cute," he explained. "The reality is, this is a great platform."
Spotify went public on the New York Stock Exchange in April, [directly listing](https://cms.cheddar.com/videos/VmlkZW8tMTU2Mzg=) shares rather than launching a more traditional IPO. Shares opened at $165.90 and, after some initial volatility, have risen to nearly $190 a share, almost a 13 percent gain.
Greenfield said he doesn't just expect Spotify to keep trending up; he also thinks the entire music streaming industry will follow.
"We think this is a company that has lots of room to grow, the category has a lot of room to grow," Greenfield noted. "This is not about Spotify versus Apple, or Spotify versus Amazon Music."
"There is a major shift toward people listening to paid, premium music services."
Greenfield insisted these companies are not at warーbut he still expects Spotify to remain king.
"Spotify is the only one of these companies that is truly global, works across all devices, works in and out of the home," he explained.
"Pandora's only in the U.S., Apple is really focused on iOS devices. If you want anything that really works anywhere, in and out of the home, you're coming out with Spotify."
Spotify reports earnings before the market opens on Thursday.
For full interview, [click here](https://cheddar.com/videos/is-spotify-a-must-buy-stock).
Brenda LaManna, founder and president of Damselfly Flowers, and Warren Schorr, senior vice president with Crayola, joined Cheddar News to discuss how and why the famous Crayon company is launching an online flower business.
Ed Egilinsky, managing director and head of sales and distribution and alternative with Direxion, joined Cheddar News to discuss how short-term traders are preparing for any forward-looking guidance from the Federal Reserve about any potential rate hikes. Egilinsky also discussed how traders are looking at the overall banking sector for the short-term.
Mark Spoonauer, global editor-in-chief with Tom's Guide, joined Cheddar News to get a sneak peek at some of Apple's new products that are set to be released to the general public, including the iPhone 15 and Apple Watch.
Kraft Heinz said Tuesday it's recalling more than 83,000 cases of individually-wrapped Kraft Singles American processed cheese slices because part of the wrapper could stick to the slice and become a choking hazard.
California regulators on Tuesday ordered one of the country’s oldest bottled water brands to stop using some of the natural springs it has relied on for more than 100 years to market its products throughout the western U.S.
