Analyst says Spotify could be worth $44B

Ahead of Spotify’s planned initial public offering April 3, one stock analyst is valuing the music streaming business at $43.5 billion. The last time Spotify raised money from private investors it was valued at $8.5 billion.

But in a report on the company Mark Mahaney of RBC Capital Markets points to Spotify’s 71 million paid subscribers, compared with Apple Music’s 38 million, and annual sales projected to reach $8 billion in 2019.

According to CNN Money, that valuation would make Spotify worth more than Ford, Delta Air Lines, Target and 370 other companies in the S&P 500.

Read more from CNN Money.