Not everybody is buying the growth strategy — at least not at current valuations. Credit Suisse analyst Brian Russo pegs Spotify's value at just $315 per share and expects "disappointing" subscriber additions in 2021. But other analysts see opportunity ahead. Stifel's John Egbert, with a price target of $360, sees benefits from geographic expansion and expected price hikes in select markets. Morgan Stanley's Benjamin Swinburne, who puts the stock's value at $350, likes Spotify's expansion potential and leadership in audio streaming.