Pandora (P): Downside Limited By Takeover Potential - FBR
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FBR Capital analyst, Barton Crockett, reiterated his Outperform rating on shares of Pandora (NYSE: P) along with his price target of $16 as the company is making progress in licensing rights from labels for an on-demand launch next month.
Nothing is yet announced, but the WSJ reported August 19 that Pandora was close to reaching terms with labels to launch a $10 per month on-demand service comparable to Spotify and Apple Music, while also providing greater skip/customization capability in its ad-free, $5 per month Pandora One radio service. Gaining flexibility to enhance Pandora One, encouragingly, leverages Pandora's music genome strength, while also favoring a lower price point that could be expansive to the market.
Shares of Pandora closed at $13.35 yesterday.
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