RBC Capital Mahaney 'Neutral' on Pandora's (P) Tickerfly Deal

RBC Capital analyst Mark Mahaney weighed in on Pandora (NYSE: P) after the company announced the acquisition of Ticketfly for $450 million.

"We can see the strategic merit of this deal (diversifies revenue stream, helps artists, aligns interests with music industry, leverages AMP/Next Big Sound) but believe it will be slightly dilutive in the near-term," Mahaney commented. "Overall, we are neutral on the deal."

The firm reiterated an Outperform rating and price target of $24 on P.

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 $21.98 yesterday.

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