Canaccord Genuity Boosts PT on Pandora (P) to $18; Affirms at 'Buy'
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Canaccord Genuity lifts its price target on Buy-rated Pandora Media (NYSE: P) from $14 to $18 following new deals announced on Tuesday.
The firm commented,
Pandora announced long-awaited and much-anticipated direct sound recording licensing deals with Universal Music Group, Sony Music, and over 40 independent labels. Warner Music Group, the third and smallest major, was absent from the list, but management is hopeful that a deal can be reached before launching the on-demand service, which management continues to expect by year-end. These direct deals only cover the U.S., but management repeated its intention to expand internationally soon. Long-term financial targets, which were reiterated with the news, were noted to contain international investment starting in 2017 at the time they were announced at Q4 earnings. We are updating our model to generally reflect company guidance points; however, some of our estimates are more conservative.
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