UPDATE: Albert Fried & Company Upgrades Pandora (P) to Overweight; Buying Opportunity Has Presented Itself

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(Updated - June 14, 2012 9:27 AM EDT)

Albert Fried & Company upgraded Pandora (NYSE: P) from Market Perform to Overweight. PT $13.

Analyst, Rich Tullo, said, "When we launched coverage on Pandora shares on July 11, 2011 we had concerns about Corporate Governance, we had concerns about valuation, we had concerns about the ability to grow FCF over time and we had concerns about well funded revenue generating competition which included iHeart and Spotify...however recent share pullback on 'Songza-Fear' creates a buying opportunity in our view."

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 $9.90 yesterday, with a 52 week range of $7.83-$26.00.

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