Pandora defended after soft guidance hits stock

Pandora (P) is now available in all 10 of the bestselling passenger vehicles, with 5M new activations in Q1, notes Needham's Laura Martin, reiterating a Buy rating and $41 price target and sharing her key takeaways from the earnings call (transcript). "We estimate that P has a 5 year head start over other ad-driven streaming services." Her team raises expected FY EPS to $0.17 from $0.15 an sets FY15 EPS at $0.48.

Mobile ad revenue of $103M increased 59% Y/Y, driven by rising audio ads, say Cowen's John Blackledge, maintaining his Outperform and $41 price target. Mobile advertising RPM of $29.46, up 44% Y/Y was slightly ahead of his team's forecast. "As in-car listening hours ramp, currently ~5% of total listening hours, P is likely to air more in-car audio ads than on other devices to offset the inability to offer video/display ads."

Previous earnings coverage

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