Seeking Alpha

Pandora Media (P)

  • Wed, Mar. 18, 9:57 AM
    • Pandora Media (NYSE:P) is up 2.9% as CRT Capital upgrades the shares to Buy from Fair Value, on expectations that royalty rate talk would end up favorable for the streaming music firm.
    • Pandora paid a record $439M to rights owners last year. In dealing with the Copyright Royalty Board, the company reports that it pays $10,000 or more a year to 2,000 artists, and $50,000/year or more to more than 800 artists.
    • The analysts raised Pandora's price target to $22, from $16. Shares are currently trading at $16.18.
    | Wed, Mar. 18, 9:57 AM | 14 Comments
  • Mon, Mar. 16, 3:18 PM
    | Mon, Mar. 16, 3:18 PM | 1 Comment
  • Fri, Mar. 13, 1:02 PM
    • Pandora Media (NYSE:P) has had a memorable morning (up 8.1% on about double average daily volume) on what has become periodic takeover rumor, but Dougherty analyst Steven Frankel says don't count on music impresario Jay-Z coming in to buy.
    • That rumor "doesn't make any sense to me," Frankel tells Benzinga, noting that Jay-Z invested in subscription streamer Tidal.
    • With key royalty negotiations going on, Frankel doesn't think Pandora will look for a sale.
    • Pandora's at its highest point since tumbling Feb. 5 after earnings.
    | Fri, Mar. 13, 1:02 PM | 6 Comments
  • Fri, Mar. 13, 11:15 AM
    • Takeover rumors seem to be driving Pandora Media (NYSE:P), up 8.9% so far on volume that's about to surpass its daily average.
    • Call volume is heavy, and has been.
    • Takeover rumors (unconfirmed to date) have driven stock runs for Pandora going back for a few years.
    | Fri, Mar. 13, 11:15 AM | 18 Comments
  • Fri, Mar. 6, 1:40 PM
    • Analysts are praising strategies Pandora Media (NYSE:P) laid out at investor day, though a few key updates were missing, even as competition intensifies from the likes of Apple and Spotify.
    • Pandora might look at an on-demand product a la Spotify -- raising the "interesting" possibility of making Pandora a "one-stop shop for users' acoustic demands," says RBC's Mark Mahaney.
    • A key Copyright Royalty Board ruling won't come until December, but it will dictate what Pandora will pay for about 90% of the content it provides subscribers. The company had no updates on progress there, though the decision is a ways off.
    • "We believe the CRB outcome will be positive," says Pacific Crest's Andy Hargreaves, "but a (stock) overhang is likely to persist. We believe the most likely outcome from the CRB rate proceeding is status quo pricing or lower."
    • On competition: "Among U.S. ad-supported digital properties, Pandora trails only Facebook in total engagement and the company's algorithms have demonstrated a consistent ability to defend the business against competitors."
    • Pacific Crest had an Outperform rating on Pandora with a price target of $45. RBC Capital has a Buy and on Monday set its price target at $25.
    • Shares are -0.4% today to $15.35; they've lost 58.8% over the past 12 months.
    • Related: Another Competitor For Pandora To Deal With (Mar. 03 2015)
    • Related: Pandora Can Survive Apple, But Does That Make It A Good Investment? (Feb. 12 2015)
    | Fri, Mar. 6, 1:40 PM | 23 Comments
  • Wed, Feb. 25, 3:23 PM
    • JMP Securities initiates Pandora Media (NYSE:P) at a rating of Market Perform, with a pro/con list of attributes.
    • On the plus side is Pandora's leadership among streaming music and growing share of listener hours, as well as continued benefits from the growth of mobile and in-dash car opportunities.
    • Headwinds include decelerating growth in active users and uncertainty around content costs.
    • The stock has been hovering just over a 19-month low it hit Feb. 6 in the wake of a revenue miss for Q4.
    • Nearly a dozen analysts issued downgrades and lowered price targets following the earnings report.
    | Wed, Feb. 25, 3:23 PM | 12 Comments
  • Tue, Feb. 17, 3:36 PM
    • Pandora Media (NYSE:P) made up some ground last week (+4.2%) from a 17% drop following its earnings, but is trading off again today, -2.9%.
    • B. Riley has reiterated its Neutral rating on the stock and set a $12.50 price target.
    • Macquarie today initiated coverage of Pandora with a Neutral rating and a $16 target.
    • Pandora's in the midst of ongoing court battles, including a consumer privacy case in Michigan (where plaintiffs are urging a pro-Pandora decision be overturned) and a licensing-fee dispute in New York with publishing firm BMI.
    • Shares are trading at $15.
    • Previously: Pandora's Q4: Gains in listeners, listener hours, RPMs (Feb. 05 2015)
    | Tue, Feb. 17, 3:36 PM | 18 Comments
  • Fri, Feb. 6, 4:47 PM
    • Pandora Media (P -17.2%) followed up last-night's after-hours action in kind during today's session, as the stock fell to a 19-month low, closing at $15.24.
    • Nearly a dozen analysts responded today with downgrades and lower price targets. Stifel Nicolaus' John Egbert noticed that user metrics were promising but the holiday-season revenue miss was "disappointing and clearly ill-timed." He expected better for the next holiday season, after programmatic buying capabilities for mobile platforms come on line in the coming quarter. Stifel lowered its target to $25, from $29.
    • Martin Pyykkonen at Rosenblatt called for more ad inventory: The company "can gradually drive its ad load rate upward to 10% year-over-year growth without disrupting the consumer listening experience." B. Riley, Wells Fargo, Raymond James and Maxim Group downgraded the stock.
    • Wedbush and Albert Fried were (slightly) more positive: Wedbush reiterated its Outperform rating (though at a $27 target, instead of $35), and Albert Fried upgraded to Market Perform from Underweight, though with a $16 target.
    • Previously: Pandora's Q4: Gains in listeners, listener hours, RPMs (Feb. 05 2015)
    • Previously: Pandora plunges 19.9% after Q4 revenue miss (Feb. 05 2015)
    | Fri, Feb. 6, 4:47 PM | 13 Comments
  • Fri, Feb. 6, 12:45 PM
    | Fri, Feb. 6, 12:45 PM | Comment!
  • Fri, Feb. 6, 9:12 AM
    | Fri, Feb. 6, 9:12 AM | 4 Comments
  • Thu, Feb. 5, 5:35 PM
    • Top gainers, as of 5:15 p.m.: PTLA +16.4%. GSB +15.6%. TWTR +11.4%. UBNT +10.8%. YRCW +8.3%.
    • Top losers, as of 5:15 p.m.: P -21.0%. FWM -15.0%. MXWL -14.6%. NTGR -13.5%. CTRL -10.4%.
    | Thu, Feb. 5, 5:35 PM | Comment!
  • Thu, Feb. 5, 5:18 PM
    • Pandora's (NYSE:P) Q4 miss featured some promising operating metrics despite a revenue miss and light guidance.
    • Total listener hours at 5.2B (up 15%) for Q4, and 20.03B (up 20%) for the full year.
    • Active listeners at end of Q4: 81.5M, up 7% from prior year.
    • Advertising RPMs (revenue per thousand listener hours) gained: total of $48.19 (up from prior-year $40.95); comprising Computer RPM of $68.83 (up from $61.92) and Mobile/connected devices RPM of $44.37 (up from $36.20).
    • Total RPM: $51.54 (up from prior-year $44.14); comprising computer RPM of $68.06 (up from prior $61.28) and mobile/connected devices RPM of $48.27 (up from prior $39.99).
    • The metric gains aren't entirely unexpected as Q4 is generally a stronger one for Pandora. Shares now down 19.3%.
    • Previously: Pandora plunges 19.9% after Q4 revenue miss (Feb. 05 2015)
    | Thu, Feb. 5, 5:18 PM | Comment!
  • Thu, Feb. 5, 4:13 PM
    • Pandora (NYSE:P) is off significantly after hours, -19.9%, after an earnings report that missed on revenue, and which featured light guidance.
    • Revenue of $268M inclued $220.1M in advertising revenue (up 36%) and $47.9M in subscription revenue (up 24%).
    • Adjusted EBITDA of $43.8M (up 68%) vs. an expected $45.5M.
    • The company stated an outlook for fiscal Q1 of revenues in the range of $220M-225M, vs. consensus expectations of $241.8M, and adjusted EBITDA of -$35M to -$30M vs. expectations of -$9.6M.
    • Press release
    | Thu, Feb. 5, 4:13 PM | 4 Comments
  • Thu, Feb. 5, 4:08 PM
    • Pandora Media (NYSE:P): Q4 EPS of $0.18 misses by $0.01.
    • Revenue of $268M (+33.5% Y/Y) misses by $8.53M.
    • Shares -17%.
    • Press Release
    | Thu, Feb. 5, 4:08 PM | 21 Comments
  • Wed, Feb. 4, 5:35 PM
  • Wed, Feb. 4, 1:26 PM
    • Considering a 26% decline since Q3 earnings, MKM Partners think Pandora Media (P +4.7%) is the most oversold stock in a group of "mobile, local, social" peers.
    • Pandora also got positive ratings reiterated in the past day, by RBC Capital (Outperform) and JPMorgan Chase (Overweight) -- though JPMorgan has lowered its price target to $34 from $35.
    • With today's gains, Pandora is trading at $18.22.
    • Previously: Will Pandora get boxed out by deal-making Spotify? (Jan. 30 2015)
    | Wed, Feb. 4, 1:26 PM | 8 Comments
Company Description
Pandora Media Inc provides internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as other internet-connected devices.