Spotify [SPOT] Stock Trading At $161.24

Spotify stock was trading in the $161.24 per share range as of 1:30 PM ET on Tuesday, with bids reaching as high as $169  That's well above the $132 reference price set by the New York Stock Exchange for the streamer's opening day. If the price holds, it would value Spotify at more than $29 billion.

Overall, the markets appeared to be rebounding slightly on Tuesday, after several down days,

Spotify stock opened the day at $165.90 with a total of 5.6 million shares changing hands in the first trade. But analysts remain skeptical of the company's long term prospects. Here's what they're saying.