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Pandora +3.5% in wake of CEO plans, upgrades

Jun. 26, 2017 9:28 AM ETPandora Media (P) StockPBy: Jason Aycock, SA News Editor
  • Pandora Media (NYSE:P) is up 3.5% premarket following reports that its founder Tim Westergren will step down from his role as CEO, and amid some analyst positivity on the stock.
  • Pacific Crest has upgraded Pandora to Sector Weight from a previous Underweight, noting some pressure relief from lowered M&A expectations after the company secured a strategic investment from Sirius XM. Some longtime risks should be mitigated as new Sirius-chosen directors will likely push for a slower burn rate, says analyst Andy Hargreaves.
  • Meanwhile, FBR has added Pandora to its Alpha Generator list, noting three scenarios that offer upside from its base case (closing a spending gap in local radio advertising, on-demand subscriptions, and boosting free cash flow with expense cuts). It's got an $11 price target, implying 33% upside from Friday's close.

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