Canaccord Genuity Reiterates Buy Following Triton Digital's Estimate of Pandora (P) Listener Hours

Canaccord Genuity reiterated a Buy rating and $24.00 price target on Pandora (NYSE: P) following Triton Digital's estimate of Pandora listener hours for the month of November. Overall, Canaccord finds Q4's growth rates encouraging, with implied November y/y listener hour growth accelerating modestly by ~30 bps from October.

Analyst Michael Graham commented, "We analyze Triton Digital's estimate of Pandora listener hours for the month of November and find that Q4 appears to be tracking well relative to our estimates. As Triton releases these metrics two months in arrears, we are able to view two months of the quarter before Pandora reports. Overall, we find Q4's growth rates encouraging, with implied November y/y listener hour growth accelerating modestly by ~30 bps from October. As September and October were also solid, we view July and August as a trough for Pandora. With November listener hours growing 6.7% y/y, vs. our Q4 estimate of 2.7%, we believe a December performance in line with years past would lead to solid overall Q4 growth. Following a positive CRB ruling, listener & hours growth remain key areas of recent softness lending ammunition to bears, and better momentum here could continue to improve sentiment."

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 $10.93 yesterday.

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