UPDATE: Stifel Nicolaus Upgrades Pandora (P) to Buy

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(Updated - March 5, 2012 10:08 AM EST)

Stifel Nicolaus upgraded Pandora (NYSE: P) from Hold to Buy with a new price target of $18.00.

The analyst said Pandora is a "must have" tablet and connected device app and is building a local sales force in major markets to " supercharge" its mobile monetization efforts. The strategic value of becoming a mobile advertising platform justifies a value of $4 billion or more, the analyst contends.

For an analyst ratings summary and ratings history on Pandora click here. For more ratings news on Pandora click here.

Shares of Pandora are up 3.6 percent to $14.40 on the back of the upgrade.

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