Rosenblatt Reiterates Buy on Pandora (P) as 'The Enemy Is Known'

Rosenblatt analyst Martin Pyykkonen reiterated a Buy rating and $20 price target on Pandora (NYSE: P) saying with the Apple Music announcement, the enemy is known.

Pyykkonen commented, "...purely from a Pandora perspective we think this further solidifies the competitive environment and we think the enemy is well known as of now for Pandora. For the past few years, there has been a general fear of the unknown competitively for Pandora, but at this point it seems to us that the majority of competitive alternatives are really focused on subscription based on-demand services in some form – e.g., vs. radio. The technology, devices, etc. have obviously changed, but radio like with Pandora and on-demand subscription services can co-exist as terrestrial and analog on-demand (albums, tapes, etc.) did in pre-digital days, simply based on listeners’ preferences at different times and situations."

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 $17.69 yesterday.

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