New highs for Pandora after Needham lifts estimates

|About: Pandora Media (P)|By:, SA News Editor

Needham's Laura Martin has raised her Pandora (P +3.8%) PT to $33 from $25, and has also lifted her FY14 (ends Jan. '14) and FY15 estimates. Martin sees the Web/mobile radio leader posting FQ3 results (due Nov. 21) that are better than prior estimates, and expects the company to continue its momentum in subsequent quarters.

Also: Martin asserts Pandora's sales investments give it an option on the $14B local radio ad market, and that the company has a 5-year lead in the auto market.

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