FBN Securities Raises Price Target on Pandora (P) to $15 Following 4Q Preannouncement

FBN Securities reiterated an Outperform rating on Pandora (NYSE: P), and raised the price target to $15.00 (from $13.00), following a positive 4Q preannouncement.

Analyst Shebly Seyrafi commented, "We reiterate our Outperform rating on P and raise our PT from $13 to $15. The company preannounced positive results for its FQ4 quarter noting that it expects to exceed its prior revenue and Adjusted EBITDA guidance ranges. Driving this upside was an acceleration in its core advertising business with increased advertising RPM. Helped by direct deals with music labels and publishers, P introduced Pandora Plus at the end of FQ3, and it ended FQ4 with more than 375K net new subscribers, while overall paid subscription customers surpassed 4.3M. Separately, P announced that it will reduce its US employee base (excluding Ticketfly) by ~7% by the end of FQ1 2017. P will be reporting results on Thursday, Feb. 9 after the close."

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 $12.00 yesterday.

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