Soft user growth during the opening months of 2021 doesn’t change Spotify’s long-term bull case, research firm Pivotal said in a note to clients on Thursday.

Shares of the company crated by 12% on Wednesday after the first-quarter report showed slower-than-expected growth for monthly active users. However, Pivotal analyst Jeffrey Wlodarczak said the company was still set up for strong growth in the years ahead and upgraded the stock to buy from hold.