*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).
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
It’s an annual tradition: the Fed’s banking ‘stress test.’ A year after the regional banking crisis, there are good reasons to make sure they’re prepped.
Summer is upon us, which means weddings, trips overseas, and trips to see Taylor Swift. Avoid a “Cruel Summer” with these budget-friendly tips and tricks.
While Nvidia's meteoric rise led it to briefly dethrone Microsoft as the world's biggest public company, there's a lot more going on in this market than A.I.
The Russian company said in a statement that the Commerce Department's decision would not affect its ability to sell its cybersecurity products in the U.S.
