With shares down 44% from a March high of $40.44, MKM has upgraded Pandora (P) to Buy. The firm cites Pandora's sticky audience - the company has held Apple, Spotify, and a slew of other rivals at bay - and improving ad monetization/targeting.
Pandora ticked higher on Friday, shrugging off reports Apple is set to acquire Beats Electronics. MKM's upgrade comes five days after Pandora launched Promoted Stations, an ad solution that allows marketers to promote audio streams within a user's Stations You Might Like playlist section.
MKM started Pandora at Sell a year ago, when shares were at $16. It upgraded the Web radio leader to Neutral on March 5, when shares were at $39.