P

PANDORA MEDIA INC

8.6800
USD
0.81%
8.6800
USD
0.81%
4.0900 10.0700
52 weeks
52 weeks

Mkt Cap 2.34B

Shares Out 269.78M

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Pandora target price hiked to $13 at Needham

Needham analyst Laura Martin on Tuesday raised her Pandora Media Inc. P, +5.40% price target to $13 from $8 on optimism for the company's ability to accelerate subscriber growth and lower its customer acquisition costs. Following meetings with management, she was intrigued by the company's plans to set a minimum price per ad unit, which she believes will help "elongate listening hours" as Pandora is no longer selling the least profitable ad units. "Those extra revenues aren't worth irritating the listener if he/she then listens to less hours of Pandora," she wrote. The company is also trying to benefit from continued interest in podcasts and is focused on ways of making it easier for people to discover podcast content. The stock is up 96% so far this year, while the S&P 500 SPX, +0.05% has gained 8%.

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