Pandora (P) -3.5% on news it's capping free mobile listening at 40 hours/month just a week...

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

Pandora (P) -3.5% on news it's capping free mobile listening at 40 hours/month just a week before its FQ4 report, and amidst widespread concerns about mobile ad rates. The decline comes even as Wells Fargo raises its valuation range to $15-$17 from $11-$13: the firm says checks with ad agencies and radio ad buyers turn up positive sentiment towards the company, and isn't worried about a potential Apple service.