Wedbush Starts Pandora (P) at Outperform, Sets $14 Price Target
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Price: $118.16 +0.69%
Rating Summary:
10 Buy, 24 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
10 Buy, 24 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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In a mid-day research note, an analyst at Wedbush initiated coverage on shares of Pandora (NYSE: P) with an Outperform rating and a $14 price target.
The firm calls Pandora "well-positioned to increase its share of Internet radio and all radio listening time due to its appealing content, strong value, expanding addressable market, and revenue growth potential."
Wedbush compares Pandora's recent user growth rate to those in the satellite and terrestrial market: about 76 percent year-over-year at the beginning of July, compared to 1 percent for terrestrial and about 8 percent for satellite subscribers. The firm believes a major catalyst for Pandora will begin to play out as the company delivers ads more frequently.
With Pandora shares up about 6 percent to around $10.80 Monday afternoon, Wedbush's price target implies potential upside of about 30 percent.
For more ratings news on Pandora click here and for the rating history of Pandora click here.
The firm calls Pandora "well-positioned to increase its share of Internet radio and all radio listening time due to its appealing content, strong value, expanding addressable market, and revenue growth potential."
Wedbush compares Pandora's recent user growth rate to those in the satellite and terrestrial market: about 76 percent year-over-year at the beginning of July, compared to 1 percent for terrestrial and about 8 percent for satellite subscribers. The firm believes a major catalyst for Pandora will begin to play out as the company delivers ads more frequently.
With Pandora shares up about 6 percent to around $10.80 Monday afternoon, Wedbush's price target implies potential upside of about 30 percent.
For more ratings news on Pandora click here and for the rating history of Pandora click here.
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