Shares of Spotify Technology S.A. shot up 4.5% in morning trade Monday, after receiving a bullish endorsement from Cascend Securities. Chief Investment Strategist Eric Ross started coverage of the recently IPO'd music streaming service's stock with a buy rating and price target of $185, which is 13% above current levels. Ross said Cascend's measurements show Spotify app downloads is keeping pace with rival services from Apple Inc. and Amazon.com Inc. Ross said Spotify's focus on user engagement is working, as it reinforces a "virtuous cycle," with engagement driving the understanding of its users, which drives user experience, which then drives user engagement. That has led to Spotify having the largest subscriber based, with 42% of the monthly active users under the age of 25. Spotify's stock, which went public on April 3, has rallied 9.9% over the past month, while rival Pandora Media Inc. shares have shot up 42% and the S&P 500 has gained 3.2%.