Spotify stock was trading in the $165 per share range as of 1PM ET on Tuesday, with bids reaching as high as $169 That's well above the $132 reference price set by the New York Stock Exchange for the streamer's opening day. If the price holds, it would value Spotify at more than $29 billion.
Spotify stock opened at $165.90 with a total of 5.6 million shares changing hands in the first trade.
But analysts remain skeptical of the company's long term prospects. Here's what they're saying.