Pandora (P) Q1 Shaping Up to Be In-Line or Better, Canaccord Genuity Says

Canaccord Genuity analyst Michael Graham reiterated a Buy rating and $28 price target on Pandora (NYSE: P), saying listener metrics and ad load suggest Q1 shaping up to be in-line or better.

Graham commented, "We believe Pandora's Q1 results are trending towards being in line or better relative to our forecast for listener hours (+3.8% sequentially) and advertising revenue (-21% sequentially). Meanwhile, our listener sampling for March showed consistency for Pandora’s ad load. Audio ads remained strong despite the expected drop-off in retail advertisers in Q1 due to the seasonal effect of tax service advertisers as well as an increasing number of ads from startups. We believe all of the data we have compiled are supportive of a solid Q1, which would likely be positive for the stock after Q4's revenue miss and a generally negative environment for sentiment given the "CRB overhang.""

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 $16.32 yesterday.

You May Also Be Interested In

• UBS Upgrades UDR, Inc. (UDR) to Buy
• KeyBanc Upgrades Sherwin-Williams (SHW) to Overweight
• Interpublic Group (IPG) PT Lowered to $31 at Wells Fargo