Needham & Company Maintains a 'Buy' on Pandora (P); Internet Markets is “Winner-Take-Most”

May 24, 2012 8:08 AM EDT
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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 maintains a 'Buy' on Pandora (NYSE: P) price target of $13.00.

Analyst, Laura Martin, said, "P over-delivered our revenue estimates by 12% (reporting $80mm of revenue vs our estimate of $72mm), OIBDA by 41% (a loss of $13mm vs our estimate of a loss of $28mm) and Operating EPS by 51% (a loss of $0.09 vs our estimate of a loss of $0.18). Total revenue grew 58% y/y and ad revenue grew 62% y/y. Advertising revenue was well above, while subscription was below, our estimates."

"Internet markets are “Winner-Take-Most” markets. P hit 71% market share in the March quarter. Active users grew 53% y/y and listening hours grew 92% y/y. Total registered users were 150mm. P’s share of total radio listening hit 6%, double the 1-year ago level." (FY13 EPS loss raised slightly from (0.11) to (0.10)

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 $10.33 yesterday.

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