Maxim Group Maintains a 'Buy' on Pandora (P); Record Q1 Revenues

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

Analyst, John Tinker, said, "There was a 93% y/y increase in listener hours to 3.1B, as well as a record 51.9M active users – up 53% y/y. P beat both our advertising revenues estimate of $67M and the consensus estimate of $66M – suggesting that an increase in sales force (overall headcount up 58% y/y to 568) is starting to take effect in improving ad inventory monetization. Pandora reported an EBITDA loss of $13M, compared to our estimate of a loss of $17M and the consensus loss estimate of $27M."

"We are confident that P should be able to monetize its staggering active mobile user base in driving revenues over time. However, a time lag between translation of growth in listener hours to ARPU may affect earnings in the near term."

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 $10.33 yesterday.

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