Barrington Research Starts Pandora (P) at Outperform; Gaining Share within a Robust Mix of Audio Options

October 14, 2011 10:09 AM EDT
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Price: $8.38 --0%

Rating Summary:
    9 Buy, 28 Hold, 3 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 11 | Down: 12 | New: 41
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Barrington Research initiates coverage on Pandora (NYSE: P) with an Outperform. PT $18.00.

Barrington analyst said, "First Mover Advantage: Pandora has created a nationally-branded music programming service that has largely defined Internet Radio...Dominant Share of Mobile: With 70% of listening hours generated on mobile devices, Pandora has been ranked the No. 1 app on iPad (Nasdaq: AAPL), No. 2 on iPhone, No. 4 on Android and No. 5 on Blackberry (Nasdaq: RIMM). We expect U.S. mobile ad revenue to advance significantly from its nascent stage, and feel Pandora is well positioned to be a leader...Gaining Share within a Robust Mix of Audio Options: The landscape includes broadcast, satellite, and other Internet radio services as well as various streaming/downloading options. Competition is for mindshare and time spent listening, with monetization in a variety of subscription, sale and advertising vehicles. Pandora’s strong brand awareness and platform availability should enable the company to generate a fair share of advertising and subscription revenue."

For more ratings news on Pandora click here and for the rating history of Pandora click here.

Shares of Pandora closed at $14.76 yesterday.

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