Spotify (SPOT) is a Swedish on-demand music streaming giant with the world at its feet. After all, after first bursting onto the scene in 2008, Spotify now rules the industry across the globe.

This audiophile darling went public in April. Yet, 72 trading hours after the company’s first quarter print posted on May 2, the stock slid almost 12%. Discounted subscriptions saw a dip in average revenue per users. Revenue outlook proved another weak spot for Spotify, underwhelming Wall Street for the second quarter.

That said, the company still hit 75 million paying members for its first public quarter. Moreover, while the guide led SPOT shares to stumble, second quarter results tapped recovery. A new high for Spotify was unlocked: ad-supported monthly active users towers between 83 and 101 million paid subscribers.

Present-day, the stock is now a comeback kid of the Street. Since Spotify’s IPO, shares have recovered their losses, and then some- climbing almost 22% by September 12.

Let’s dive into recommendations from the top analysts on Wall Street:

Newest Bull: Top Analyst Sings the Praises of Industry Leadership

Top analyst Brian White at Monness (Track Record & Recommendations) recently initiated coverage on Spotify with a Buy rating.

How high does White believe SPOT shares can reach? The analyst sets a 12-month price target of $265, which implies a monster 46% in upside potential for Spotify.

While the music universe is “rapidly changing,” the shining point for White is a well-acknowledged recognition: Spotify reigns as “the #1 music streaming service on the planet. It certainly doesn’t hurt that by the close of its second public quarter, Spotify hit 180 million monthly active users (MAUs) and 83 million Premium Subscribers.

Between its worldwide presence and brand recognition seeing wildfire growth, this “industry leader” is in strong standing. “…we believe Spotify is uniquely positioned to benefit from the rise of music streaming around the world,” continues White.