CFRA's Ken Leon believes investors are right to tune into Spotify's (SPOT) growth potential, though he raises concerns around the streaming giant's valuations. He points to metrics where the company needs to turn up the volume to assure growth projections are justified. Ken says they have "got to be one or two steps ahead" of competitors like Alphabet's (GOOGL) YouTube and Apple (AAPL) Music in AI optimization. Tom White offers an example options trade for Spotify.