Rosenblatt Reiterates Buy on Pandora (P) as Tim Westergren Takes Over as CEO
Rosenblatt reiterated a Buy rating on Pandora (NYSE: P), with a price target of $15.00, following the company's announced management changes. The company announced that co-founder, Tim Westergren, is back in as CEO. Rosenblatt sees this move as very positive for the company on its fundamental outlook.
Analyst Martin Pyykkonen commented, "Pandora’s co-founder, Tim Westergren, is back in the saddle full time as the company’s CEO (he was CEO in the company’s very early days during 2002- 2004). We think this is very positive for Pandora on its fundamental outlook. Yesterday’s stock reaction was clearly negative, but we think that only suggested it being a sign of no immediate buyout, as had seemed to be speculated from a new Board member with media industry and private equity experience."
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 $9.60 yesterday.