UPDATE: Pandora (P) is Netflix (NFLX) of Radio, Morgan Stanley Raises to Overweight

July 1, 2013 6:40 AM EDT Send to a Friend
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Price: $18.31 +1.55%

Rating Summary:
    23 Buy, 14 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 9 | Down: 10 | New: 35
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(Updated - July 1, 2013 10:39 AM EDT)

(Updated - July 1, 2013 9:49 AM EDT)

Morgan Stanley upgraded Pandora (NYSE: P) from Equalweight to Overweight with a price target of $24. Analyst Scott Devitt thinks the stock is the best pure-play as radio dollars shift to online channels. He also thinks emerging methods of distribution such as autos and other connected devices will help extend Pandora's competitive lead.

"We believe Pandora is establishing itself as the 'Netflix (Nasdaq: NFLX) of Radio': a truly disruptive form of content consumption that offers investors the best pureplay exposure to the secular shift of broadcast radio dollars to online channels . . . Pandora's market leadership has not eroded as innovative services have entered the streaming music space, and we believe that emerging methods of distribution (autos and connected devices) will likely extend Pandora's lead," said Devitt.

"Pandora's integration into the major radio buying systems in May eliminated the lone remaining hurdle to competing with broadcasters for meaningful share of radio dollars," he added.

For an analyst ratings summary and ratings history on Pandora (NYSE: P) click here. For more ratings news on Pandora click here.

Shares of Pandora closed at $18.40 yesterday.


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