Pandora (P -2.5%) slips after Nomura's Brian Nowack starts coverage with a Reduce and $8.50...
Tuesday, September 25, 2012, 1:03 PM ETPandora (P -2.5%) slips after Nomura's Brian Nowack starts coverage with a Reduce and $8.50 target. Oddly, Nowack expects Pandora to grow its share of U.S. Internet radio listening time to 89% in 2016 from a current 78% and last year's 64%, but is nonetheless worried about competition from more personalized services offering stronger social networking ties. Spotify, Slacker, and Clear Channel's iHeartRadio are named. (yesterday)
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