Needham & Company Starts Pandora (P) at Buy; Music Has Bottomed
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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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Needham & Company initiates coverage on Pandora (NYSE: P) with a Buy. PT $13.00.
Needham analyst says, "We believe that an investment in P is a way to play 3 important secular trends in media: 1. Mobile Ad Growth. Pandora is THE top downloaded mobile app on many platforms and in the top 5 on all mobile platforms, and therefore is a big ship on this rising tide. 2. Market Upside Disruption. Old media is being disrupted by the Internet. P’s revenue should hit $275mm in 2012 and disruption theory suggests that it will take much of the old-world US radio industry ad revenue of approximately $15B. 3. Music has Bottomed. Music economics bottomed in 2010 and growth returned to the music business in 2011. US recorded music revenue grew for the fist time in 7 years. Music valuations remain compressed because growth was illusive for so long. Music may lead other media out of the digital transition."
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.
Needham analyst says, "We believe that an investment in P is a way to play 3 important secular trends in media: 1. Mobile Ad Growth. Pandora is THE top downloaded mobile app on many platforms and in the top 5 on all mobile platforms, and therefore is a big ship on this rising tide. 2. Market Upside Disruption. Old media is being disrupted by the Internet. P’s revenue should hit $275mm in 2012 and disruption theory suggests that it will take much of the old-world US radio industry ad revenue of approximately $15B. 3. Music has Bottomed. Music economics bottomed in 2010 and growth returned to the music business in 2011. US recorded music revenue grew for the fist time in 7 years. Music valuations remain compressed because growth was illusive for so long. Music may lead other media out of the digital transition."
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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