BTIG Upgrades Pandora (P) to Neutral

BTIG upgraded Pandora (NYSE: P) from Sell to Neutral and removed its price target. Analyst Richard Greenfield said the stock could be a 'zero' but he no longer sees compelling risk/reward.

"Our core thesis has not changed. We simply do not believe Pandora can ever generate meaningful earnings to justify its valuation. There are no barriers to entry in online music with competition continuing to build. In fact, a significant uptick in competition from Apple and Spotify were identified as #12 in our Top 16 Predictions for 2016 (link) and our recent blog post devoted to online music competition (link). Competition for users and listening hours only tells part of the story, as Pandora faces an increasing wave of competition for mobile advertising dollars from a wide array of companies with far superior data/analytics (Google, Facebook, Instagram, Snapchat, Twitter, etc.)," said Greenfield.

For an analyst ratings summary and ratings history on Pandora click here. For more ratings news on Pandora click here.

Shares of Pandora closed at $9.45 yesterday.

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