Pandora (P) Posts 'Strong Quarter' - Needham & Company

May 24, 2013 7:55 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 analyst Laura Martin reiterated a Buy rating and $20 price target on Pandora (NYSE: P) following a "strong quarter."

Martin comments, "P reported strong FY1Q14 results and raised guidance (again) for 2Q14 and FY14. We are raising our estimates. FY1Q14 Results. P over-delivered our FY1Q revenue estimates by 3% (reporting $125.5mm of revenue vs our estimate of $122mm), and our Operating EPS estimate with a loss of $0.10 vs our estimate of a loss of $0.11. P’s FY1Q total revenue grew 55% y/y to $125.5mm. Advertising revenue was in line with our estimates at $105.2mm, up 49% y/y. Subscription revenue was 25% higher than our estimates at $20mm, up 100% y/y, driven by the new 40-hour per month mobile listening caps."

FY 2014 EPS estimates were raised from $0.04 to $0.05.

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 $17.16 yesterday.

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