Spotify stock closed Thursday at $133.25 and was up another 2.46% to $136.40 in pre-market trading Friday. That's a jump of more than 20% since Christmas eve. The price rise comes as multiple analysts see Spotify stock, which soared at high as $198.99 in 2018, is undervalued at current levels.
"This rally of SPOT stock has legs," writes analyst Luke Lango. "Although I labeled Spotify stock a bubble back in mid-2018, that bubble has since popped. What remains is an undervalued and oversold stock with healthy and improving fundamentals that give Spotify stock a reasonable chance to double over the next several years."