Wedbush Downgrades Pandora (P) to Neutral, Lifts PT to $11.50

January 29, 2013 7:49 AM EST
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Price: $13.25 +0.45%

Rating Summary:
    21 Buy, 22 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Wedbush downgraded Pandora (NYSE: P) from Outperform to Neutral but raises its price target from $10 to $11.50. The firm cited valuation.

The firm comments, "While we have concerns about valuation, competition, and royalty rates, we are raising our 12- month price target to $11.50 from $10 to reflect high expectations for Q4, an improving advertising landscape for Pandora, and continued Internet and mobile growth."

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 $11.59 yesterday.

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