Needham & Company Boosts PT on Pandora (P) on Strong Quarter

March 8, 2013 7:50 AM EST
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Price: $13.25 +0.45%

Rating Summary:
    21 Buy, 22 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Needham & Company raised its price target on Buy-rated Pandora (NYSE: P) from $13 to $16 following a "strong" quarter and raised guidance.

The firm noted 4Q revenue beat by 3% and Operating EPS was a loss of $0.04 versus their estimate of a loss of $0.07.

They were positive on mobile revenue, which is now 74% of total revenue and up 111% year-over-year which is faster then the reported mobile listening growth. RPMs are always weak in seasonally in Q4, but the declines this quarter far more moderate with with mobile RPMs down 7% to $25.05 and desktop RPMs down 6% to $52.82.

The firm wasn't positive on the news CEO Joe Kennedy is leaving. They said the only way this is a positive is if were to become a catalyst to P selling itself.

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 $11.73 yesterday.

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