Spotify's stock has surged to new highs, reaching a record price of $675, driven by strong earnings, record subscriber growth, and positive analyst outlooks. Bernstein initiated coverage on Spotify with an Outperform rating and a price target of $825, citing its robust positioning in the entertainment sector alongside Live Nation and DraftKings. Goldman Sachs highlighted the potential of the global music market, projecting it could reach nearly $200 billion by 2035, with paid subscribers expected to grow from 752 million to 1.51 billion. Spotify's stock has appreciated 53% year-to-date and 115% over the trailing year, supported by explosive free cash flow growth and operating leverage. The company is seen as a leader in communication services, outperforming peers such as Meta, Netflix, and Roblox. Live Nation was noted as Bernstein's top pick due to expected upside in Ticketmaster volumes, sponsorship earnings, and concert margins. DraftKings was also initiated with an Outperform rating and a $46 price target.