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Pandora Media (P)

- NYSE
  • Fri, Mar. 27, 2:25 PM
    • Pandora Media (NYSE:P) -- down 1.5% during lunch hour -- jumped back into positive ground, now up 3.4%, as LMM's bullish Bill Miller tells CNBC the stock trades at a "monstrous discount to what it would be valued at if it were privately held."
    • While Spotify is recently valued around $10B, he points to Pandora as a profitable company with a $3.3B market cap and expects the company to grow earnings at 100% annually over the next three years.
    • "It has 88M listeners, and it streams more music than YouTube does video," Miller says.
    • He notes Pandora sold down as user growth slowed but "that picked up again in the quarter." They're probably going to lose some market share to possible competition from Spotify and Apple, but he believes Pandora's lead is sustainable.
    | 54 Comments
  • 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.
    | 14 Comments
  • 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.
    | 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.
    | 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)
    | 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.
    | 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)
    | 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)
    | 13 Comments
  • Fri, Feb. 6, 12:45 PM
    | Comment!
  • 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%.
    | 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)
    | 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
    | 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
    | 21 Comments
  • Wed, Feb. 4, 5:35 PM
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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.