Maxim Group maintains a 'Buy' on Pandora (P); Raising Estimates After Record Q3 Revenues

Maxim Group maintains a 'Buy' on Pandora (NYSE: P) price target of $17.00.

Maxim analyst says, "We are raising our 4Q12 revenue estimate to $82.3M (up 71% y/y and 10% q/q) from our prior estimate of $80.2M, and our EBITDA estimate to $1.3M, up from our prior estimate of $1M. Effectively, we are also raising our FY12 revenue forecast to $275M (up 100% y/y), up from $271M, and FY13 revenue estimate to $442M (up 61% y/y), from our previous estimate of $426M. Our EBITDA estimates are $7.2M for FY12 and $14.1M for FY13. Management is guiding towards FY12 revenues of $273M-$277M, marginally higher than previous guidance of $270M-$275M. Given the beat in current quarter, it seems Pandora is effectively maintaining its 4Q12 guidance of $80M - $84M."

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 $11.85 yesterday.

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