Pandora Media (NYSE:P) was upgraded by investment analysts at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a note issued to investors on Friday, American Banking & Market News reports. The firm currently has a $27.00 price objective on the stock, up from their previous price objective of $18.00. Goldman Sachs Group Inc.’s price objective points to a potential upside of 36.02% from the company’s current price.
The analysts wrote, “We are upgrading Pandora to Buy from Neutral with a $27, 12-month price target, 36% upside from current levels. We are encouraged by three quarters of accelerating mobile ad RPM and subscription revenue growth, and believe competition concerns are at least adequately understood. Our scenario analysis suggests considerable upside to consensus estimates as local advertisers become increasingly comfortable online, Pandora’s sales investments show leverage, and integration into radio ad buying platforms drive long-term growth. With P trading at a discount to the group relative to its growth rate, we believe the risk/reward in owning P is favorable.”
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. raised their price target on shares of Pandora Media from $22.00 to $23.00 in a research note to investors on Wednesday, August 7th. They now have an “overweight” rating on the stock. Separately, analysts at Canaccord Genuity raised their price target on shares of Pandora Media from $23.00 to $24.00 in a research note to investors on Thursday, August 1st. They now have a “buy” rating on the stock. Finally, analysts at RBC Capital initiated coverage on shares of Pandora Media in a research note to investors on Thursday, August 1st. They set an “outperform” rating on the stock.
Two analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have assigned a buy rating to the company’s stock. Pandora Media has an average rating of “Buy” and a consensus target price of $17.99.
Shares of Pandora Media (NYSE:P) opened at 19.85 on Friday. Pandora Media has a 52-week low of $7.08 and a 52-week high of $21.00. The stock has a 50-day moving average of $18.9 and a 200-day moving average of $16.10. The company’s market cap is $3.470 billion. Pandora Media also was the target of some unusual options trading activity on Tuesday. Traders bought 6,800 put options on the stock. This is an increase of 305% compared to the average volume of 1,680 put options.
Pandora Media (NYSE:P) last released its earnings data on Thursday, May 23rd. The company reported ($0.10) earnings per share for the quarter, meeting the analysts’ consensus estimate of ($0.10). The company had revenue of $128.50 million for the quarter, compared to the consensus estimate of $123.83 million. During the same quarter in the previous year, the company posted ($0.09) earnings per share. The company’s revenue for the quarter was up 59.0% on a year-over-year basis. On average, analysts predict that Pandora Media will post $0.04 earnings per share for the current fiscal year.
In other Pandora Media news, Director Robert Kavner unloaded 9,000 shares of Pandora Media stock on the open market in a transaction dated Monday, August 5th. The stock was sold at an average price of $19.60, for a total value of $176,400.00. Following the transaction, the director now directly owns 27,757 shares of the company’s stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Pandora Media, Inc (NYSE:P), is an Internet radio in the United States.