Analysts at Canaccord Genuity boosted their price target on shares of Pandora Media (NYSE: P) from $14.00 to $16.00 in a research report issued to clients and investors on Friday. The firm currently has a “buy” rating on the stock.
The analysts wrote, “Pandora reported strong Q4 results highlighted by strong listener metrics and improving monetization, especially on mobile where ad RPM expanded by 22% y/y. Revenue guidance for Q1 and F2014 was strong, while content costs still pressure margins in the short term (Q1). We believe the model should gradually improve over the course of this year, likely winning over skeptics.”
P has been the subject of a number of other recent research reports. Analysts at Albert Fried & Company downgraded shares of Pandora Media from an “overweight” rating to a “market perform” rating in a research note to investors on Tuesday, February 19th. They now have a $13.00 price target on the stock. Separately, analysts at Wedbush downgraded shares of Pandora Media from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday, January 29th. They now have a $11.50 price target on the stock. Finally, analysts at Bank of America reiterated a “buy” rating on shares of Pandora Media in a research note to investors on Friday, January 11th. They now have a $16.00 price target on the stock.
Ten equities research analysts have rated the stock with a buy rating, one has assigned an overweight rating, eleven have given a hold rating, and three have issued a sell rating to the company’s stock. The stock currently has a consensus rating of “overweight” and an average price target of $11.80.
Shares of Pandora Media traded up 17.56% during mid-day trading on Friday, hitting $13.79. Pandora Media has a one year low of $7.08 and a one year high of $13.50. The stock’s 50-day moving average is currently $11.77. The company’s market cap is $2.345 billion.
Pandora Media last issued its quarterly earnings data on Thursday, March 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.05) by $0.01. The company had revenue of $125.10 million for the quarter, compared to the consensus estimate of $122.81 million. During the same quarter in the previous year, the company posted ($0.03) earnings per share. The company’s revenue for the quarter was up 53.9% on a year-over-year basis. Pandora Media has set its Q1 guidance at ($0.13)-($0.10) EPS and its FY14 guidance at ($0.05) – $0.05 EPS. On average, analysts predict that Pandora Media will post $-0.02 earnings per share for the current fiscal year.
Pandora Media, Inc. operates as an internet radio company in the United States. The Company offers a range of display, audio and video advertising products across multiple platforms.
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