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News Breaks
March 8, 2013
10:23 EDTPPandora climbs following results, CEO resignation
Internet music platform Pandora (P) is surging after reporting stronger than expected fourth quarter revenues and non-GAAP losses that were less than forecast by analysts. Moreover, the company reported that its listener hours jumped 53% last quarter, reaching 4.05B. The company's fiscal 2013 earnings per share guidance was in-line with expectations, although the midpoint of its full-year revenue guidance came in well above the consensus estimate. Also, Pandora announced that its CEO, Joseph Kennedy, had resigned and that the company would begin searching for his successor. A number of analysts were more upbeat about Pandora following the news. In a note to investors earlier today, Piper Jaffray analyst James Marsh upgraded the stock to Overweight from Neutral. Pandora's ability to raise revenue from its mobile listeners has improved and the stock should be on the cusp of an upward trend as a result, wrote Marsh, who hiked his price target on the stock to $17 from $11. Also upbeat on Pandora was Stifel Nicolaus analyst Jordan Rohan. Pandora's lead in Internet radio is increasing and the company's mobile ad rates rose significantly year-over-year, Rohan wrote. Investors should buy Pandora's stock at this time as the company should continue to beat revenue and margin expectations, the analyst believes. Rohan increased his price target on Pandora to $17.50 from $14 and maintained a Buy rating on the shares, which rallied $2.50, or 21.50%, to $14.20 in early trading.
News For P From The Last 14 Days
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September 18, 2014
07:32 EDTPMKM Partners to hold a conference
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September 17, 2014
11:47 EDTPStocks with call strike movement; PBR P
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September 16, 2014
09:45 EDTPRumor: Pandora moves up on renewed activist speculation
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07:27 EDTPBofA/Merrill to hold a conference
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September 15, 2014
07:20 EDTPPandora ad trends improving in back half, says JPMorgan
JPMorgan believes Pandora's advertising is strengthening in the back half of 2014 with accelerating growth in ad revenue. The firm reiterates an Overweight rating on the stock with a $42 price target.
September 12, 2014
07:58 EDTPPandora outlook has improved, says Oppenheimer
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September 11, 2014
15:45 EDTPPandora management getting savvier on content costs, says Maxim
Maxim said Pandora's (P) new multi-year rights agreement with BMG supports its view that management is getting more savvy on managing content costs. The firm also thinks the tone of Apple (AAPL) at its launch event suggests its service has yet to gain traction as a competitor to Pandora and that comments from Sirius XM's (SIRI) CFO indicate Pandora is gaining traction in car integration. The firm maintains it Buy rating and $35 price target on Pandora.
09:01 EDTPPandora strikes U.S. licensing deal with BMG
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