- Following postmarket declines after an earnings report that featured dim forward guidance, Pandora Media (NYSE:P) is up 2.5% with analysts largely confident about prospects.
- B. Riley reiterated its Buy rating and holds a $17 price target, implying 31% upside. And RBC Capital Markets has boosted its price target to $16.
- Wedbush stuck with its Outperform rating and $15 price target even while acknowledging it's unlikely the company will become profitable this year.
- “Pandora could surpass our 2017 revenue estimates, but we believe overall profitability in 2017 is less likely,” says Michael Pachter.
- But: “We believe that Pandora can convert at least 1M Pandora Plus subscribers to on-demand and can attract 1–2M net new U.S. on-demand subscribers in 2017, while up-selling ad-supported customers to its Pandora Plus service."
- Cowen & Co., meanwhile, lowered its price target on shares, to $9 -- 30% downside from current price.