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 making strides but user-growth problems persist, says Morgan Stanley

Morgan Stanley analyst Benjamin Swinburne reiterated his neutral view of Pandora Media Inc. on Monday, following an 84% rise in the company's stock over the past 12 months. "Management has taken some positive operational steps, which has reinforced the expectation for a return to "core" (ex-AdsWizz) ad revenue growth," he wrote, referring to the company's recent acquisition of ad-tech company AdsWizz. However, he said that a reversal of the Pandora's declining listener trends "remains elusive," which is part of the reason he's not more constructive on the shares: "Continued declines in users make it difficult for us to underwrite with confidence a path to positive [earnings before interest, taxes, depreciation and amortization] in the next several years." He maintained his equal-weight rating and $8 target price. Pandora's stock is up 0.5% in Monday morning trading, and it's up 12% over the past month. The S&P 500 has gained 0.3% in that time.


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