Maxim Group Maintains a 'Buy' on Pandora (P) on Higher Listening Hours; Adjusting Estimates
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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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Maxim Group maintains a 'Buy' on Pandora (NYSE: P) price target of $17.00.
Maxim analyst said, "We are maintaining our rating as we believe that the higher listening hours – about 5.55% of all radio listening (up from 2.71% in FY11) should over the long term translate into more advertising revenue."
"We are lowering our 1Q13 revenue estimate to $76M (up 49% y/y and down 6% q/q) from our prior estimate of $101M, and our estimated EBITDA loss of $17M, lower than our prior estimate of EBITDA profit of $2M. Effectively, we are also lowering our FY13 revenue forecast to $433M (up 58% y/y), down from our prior estimate of $442M...Our new FY14 and FY15 EBITDA estimates are $32M and $43M from prior estimates of $22M and $27M. Pandora, in our view, should grow advertising revenues at a much faster rate than content cost in FY14 and FY15."
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 $14.27 yesterday.
Maxim analyst said, "We are maintaining our rating as we believe that the higher listening hours – about 5.55% of all radio listening (up from 2.71% in FY11) should over the long term translate into more advertising revenue."
"We are lowering our 1Q13 revenue estimate to $76M (up 49% y/y and down 6% q/q) from our prior estimate of $101M, and our estimated EBITDA loss of $17M, lower than our prior estimate of EBITDA profit of $2M. Effectively, we are also lowering our FY13 revenue forecast to $433M (up 58% y/y), down from our prior estimate of $442M...Our new FY14 and FY15 EBITDA estimates are $32M and $43M from prior estimates of $22M and $27M. Pandora, in our view, should grow advertising revenues at a much faster rate than content cost in FY14 and FY15."
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 $14.27 yesterday.
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