Broadly speaking, my view is that prophecy is either an anointing of the Spirit or a gift of the Spirit, depending on which form of prophecy is in view.
I believe that the biblical prophets had a unique anointing that nobody else has had since the closing of the canon.
The canon of Scripture is slightly disputed in that 1 Enoch is part of the Ethiopian canon. It is interesting that 1 Enoch correctly predicts the ambiguity surrounding its future reception! Beyond disputes about the extent of the canon (there is no canonical statement about the limits of the canon!), I am a cessationist when it comes to the anointing of the biblical prophets.
I am not a cessationist when it comes to the gifts of the Spirit, since such a view seems absurd given Paul’s and Peter’s view of the church as a body that grows out of each part doing its work and administering God’s grace in its various forms.
To distinguish between more and less “spectacular” gifts in this respect seems arbitrary, since each part of a body remains important. To say that any gift has ceased is to say that a part of the body has become unnecessary, which is precisely what Paul warns against.
To distinguish between the inaugural and the continuative has some validity: the Scriptures constitute a once-for-all inaugural revelation; but the Holy Spirit relates the Scriptures to us ever-freshly in a continuing manner. However, when it comes to the gifts of the Spirit, the inaugural vs. continuative distinction becomes invalid as stated above, and it is better to speak in terms of anointing (inaugural) vs. gifts (continuative).