Shares of Spotify Technology SA rose 1.8% in Thursday trading, closing at $179.53, a new record for the music-streaming company. Macquarie analyst Amy Yong initiated coverage of the stock with an outperform rating and $225 price target, the highest target listed on FactSet. "We believe Spotify can hit its 30-35% long-term gross margin goal by '22 as a result of its content relationships and as operating leverage kicks in," Yong wrote. "We estimate MAUs will grow at a 23% 3-year CAGR through '20, hitting 200 million by year-end from 170 million currently." She predicts the company will pick up share in the U.S., the U.K., and Brazil, and she sees "greenfield" opportunities elsewhere. Spotify went public in early April, and its shares are up 13.5% so far this month. The S&P 500 is up 1.7% so far in June.