FBR Capital Reiterates Outperform as Pandora (P) Announces Warner Music Deal
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FBR Capital reiterated an Outperform rating and $16.00 price target on Pandora (NYSE: P) following the company's announcement that it has entered into a direct deal with Warner Music. After the company signed several direct deals on September 13th, Pandora said Warner was expected to be on board soon. FBR believes that with everyone else signed up, Pandora's assertion made sense.
Analyst Barton Crockett commented, "Pandora's announcement of a direct deal with Warner Music post close Thursday (Sept. 15) eliminates a small anxiety point about the ability to get Warner on board. We were confident, but some we spoke to were a little nervous. The focus now switches to consumer and reviewer reaction to the new feature set, with the new radio and Pandora Plus features starting to roll out on a very limited base yesterday, to be demonstrated and made more available next week. On-demand should launch by year-end."
Shares of Pandora closed at $13.31 yesterday.
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