Piper Jaffray Bullish Following Pandora's (P) Acquisition of Next Big Sound

Piper Jaffray maintains an Overweight rating and $23 price target on Pandora (NYSE: P) following its acquisition of Next Big Sound. Analyst James Marsh says that investors have been kept on the sidelines due to uncertainty related to the CRB hearings. However, The acquisition of Next Big Sound, shows that the company is making progress on improving its data offering.

Marsh commented on Pandora, saying, "Shares of Pandora have been trapped in a bit of a no-man’s land of late as uncertainty related to the CRB hearings have kept investors on the sidelines. But as yesterday’s acquisition of Next Big Sound reminds us, the company is making lots of progress on improving its data offering for artists/labels and continues to make headway on monetization driven by local ad sales and its new programmatic offering. We think investors should get long the name now in advance of the final CRB rate determination sometime before December as the CRB decision will provide at least certainty for content costs, allowing investors to focus on other progress at the company."

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 $17.88 yesterday.

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