Pandora Media (NYSE:P)‘s stock had its “overweight” rating reiterated by equities research analysts at Piper Jaffray Cos. in a research note issued to investors on Tuesday, American Banking News reports. They currently have a $37.00 price target on the stock, up from their previous price target of $27.00. Piper Jaffray Cos.’s price objective points to a potential upside of 24.54% from the stock’s previous close.
The analysts wrote, “We are reiterating our Overweight rating on Pandora, raising our FY14 estimates and our price target (to $37 from $27). Our continued bullishness on Pandora shares largely hinges on improving mobile monetization (helped out by increasing demand for high quality mobile advertising platform, a better local sales force and increased ad loads), but also on a more benign competitive landscape now that all major players have entered the market. We expect management to continue to invest in Sales and R&D in FY14 as Pandora builds out its local sales effort and the necessary infrastructure to continue to take share in the local radio ad market. After playing defense and absorbing new competitors domestically, we expect management to go on the offense focusing on international expansion and the connected car.”
A number of other analysts have also recently weighed in on P. Analysts at Susquehanna reiterated a “positive” rating on shares of Pandora Media in a research note to investors on Tuesday. They now have a $36.00 price target on the stock, up previously from $30.00. Separately, analysts at Albert Fried & Company downgraded shares of Pandora Media from a “market perform” rating to an “underweight” rating in a research note to investors on Tuesday. They noted that the move was a valuation call. Finally, analysts at Wells Fargo & Co. reiterated an “outperform” rating on shares of Pandora Media in a research note to investors on Monday. They now have a $37.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and sixteen have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $24.51.
Pandora Media (NYSE:P) traded down 3.10% during mid-day trading on Tuesday, hitting $28.79. The stock had a trading volume of 7,203,139 shares. Pandora Media has a 52 week low of $7.40 and a 52 week high of $31.94. The stock has a 50-day moving average of $26.71 and a 200-day moving average of $20.71. The company’s market cap is $5.079 billion.
Pandora Media (NYSE:P) last released its earnings data on Thursday, August 22nd. The company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.02. The company had revenue of $157.40 million for the quarter, compared to the consensus estimate of $156.35 million. The company’s quarterly revenue was up 55.4% on a year-over-year basis. On average, analysts predict that Pandora Media will post $0.03 earnings per share for the current fiscal year.
Pandora Media, Inc (NYSE:P), is an Internet radio in the United States.
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