Spotify hit a record high of $190 at midday Monday, and is opening today above $188, just ahead of the announcement of second quarter earnings on Thursday. Analysts are saying it’s still underpriced.

BTIG analyst Richard Greenfield tagged the streaming company with a buy rating and a $230 price target this week. Raymond James has pushed the price target to $210 and given it a strong buy rating;

Buckingham Research has raised its price target to $201.

"Waiting for a better entry point into the stock has not worked and we believe the Spotify platform is simply too powerful/valuable to wait any longer to embrace SPOT," Greenfield wrote, noting he sees podcasts and in-car listening as growth areas.

It’s expected that Daniel Ek’s company will announce a loss on sales of $1.27b on Thursday. Investors will be focusing subscriber growth and average revenue per user.