Macquarie Positive On Pandora (P) Ahead Of New Subscription Service Launch
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Macquarie analyst, Amy Yong, reiterated her Outperform on Pandora (NYSE: P) and believes the next subscription launch could be the first step in achieving $4B in revenue by 2020. The analyst is modeling 1) US$2.4bn of revenue from the core Internet radio service with ~60% gross margins; 2) US$1.3bn from a new expanded listening subscription service; and 3) US$300m from live events sponsorship.
No change to the price target of $17.
Shares of Pandora closed at $14.12 yesterday.
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