Collins Stewart Starts Pandora (P) at Neutral; Gaining Share, Undermonetized But A Long Way To Profitability
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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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Collins Stewart initiates coverage on Pandora (NYSE: P) with a Neutral. PT $13.00.
Collins analyst says, "Pandora uses proprietary technology from the Music Genome Project to create playlists tailored to listener's taste. It has 40M active users and 67% share of internet radio. we believe Pandora has multiple drivers for robust long-term growth: 1) share gains in total radio listener hours in US (4.3% share currently, to grow to 20% by F2017E); 2) widespread, multi-channel distribution across PCs, smartphones and consumer electronics devices; 3) material contribution from autos starting F2015E due to partnerships that comprise 69% of US car sales volume and 4) lot of headroom to grow in radio, online and mobile ad markets ($37B+ in US by 2014) with only 1% revenue penetration currently."
"We would be more positive on the name if we observe...1) faster than expected monetization growth; 2) an acceleration in listener hour growth leading to scaling of non-content opex line items and / or 3) continuing strong user growth despite the intensifying competition."
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 $10.01 yesterday.
Collins analyst says, "Pandora uses proprietary technology from the Music Genome Project to create playlists tailored to listener's taste. It has 40M active users and 67% share of internet radio. we believe Pandora has multiple drivers for robust long-term growth: 1) share gains in total radio listener hours in US (4.3% share currently, to grow to 20% by F2017E); 2) widespread, multi-channel distribution across PCs, smartphones and consumer electronics devices; 3) material contribution from autos starting F2015E due to partnerships that comprise 69% of US car sales volume and 4) lot of headroom to grow in radio, online and mobile ad markets ($37B+ in US by 2014) with only 1% revenue penetration currently."
"We would be more positive on the name if we observe...1) faster than expected monetization growth; 2) an acceleration in listener hour growth leading to scaling of non-content opex line items and / or 3) continuing strong user growth despite the intensifying competition."
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 $10.01 yesterday.
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