Morgan Stanley analyst Benjamin Swinburne initiated coverage of Spotify with an Overweight rating and $190 price target, projecting that its premium user base can grow from 70M to about 200M by the end of 2022, with revenue growing over 20% per year. Swinburne, who notes that there are 1.3B smartphone users in Spotify’s 65 existing markets, also pointed out that time spent on Spotify Premium is “nearing Netflix levels.”