Investing.com - Spotify will double the number of its subscribers by 2020, as the music industry shifts from "a transaction to an on demand model," according to investment firm Raymond James.With that thinking, the firm initiated coverage of the music streaming company, issuing a strong buy rating and $190 12-month, stock price target.In a note to clients, James said Spotify has "one of the best growth rates in tech" and can withstand any competitive threat from Apple (NASDAQ:AAPL) or Amazon (NASDAQ:AMZN). Spotify's first quarterly earnings since going public in April failed to meet Wall Street's expectations, although it did manage a smaller loss. The company said it has 75 million subscribers. Shares are unchanged from their opening day closing price.