Pandora Media Given New $30.00 Price Target at Canaccord Genuity (P)
Equities researchers at Canaccord Genuity raised their price objective on shares of Pandora Media (NYSE:P) from $25.00 to $30.00 in a research report issued on Monday, Analyst Ratings.Net reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity’s target price would suggest a potential upside of 17.55% from the company’s current price.
The analysts wrote, “Our September ad load survey results are largely consistent with prior months, although the ad load and local mix were both slightly lighter than August. In general, however, we believe Q3 is tracking well. We are currently modeling Q3 mobile ad RPM of $35, but based on our sampling we believe there could be a few dollars of upside.”
Several other analysts have also recently commented on the stock. Analysts at Goldman Sachs Group Inc. raised their price target on shares of Pandora Media (NYSE:P) from $29.00 to $30.00 in a research note to investors on Thursday, September 19th. They now have a “buy” rating on the stock. Separately, analysts at CRT Capital initiated coverage on shares of Pandora Media (NYSE:P) in a research note to investors on Thursday, September 19th. They set a “fair value” rating on the stock. Finally, analysts at Albert Fried & Company reiterated a “market perform” rating on shares of Pandora Media (NYSE:P) in a research note to investors on Thursday, September 12th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eighteen have given a buy rating to the stock. Pandora Media currently has an average rating of “Hold” and an average target price of $19.90.
In other Pandora Media news, Director Crosslink Capital Inc sold 5,200,000 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $25.00, for a total transaction of $130,000,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Pandora Media (NYSE:P) traded down 1.29% during mid-day trading on Monday, hitting $25.19. The stock had a trading volume of 4,741,671 shares. Pandora Media has a 52 week low of $7.08 and a 52 week high of $27.50. The stock has a 50-day moving average of $21.66 and a 200-day moving average of $17.30. The company’s market cap is $4.444 billion.
Pandora Media (NYSE:P) last announced its earnings results on Thursday, August 22nd. The company reported $0.04 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.02 by $0.02. The company had revenue of $157.40 million for the quarter, compared to the consensus estimate of $156.35 million. Pandora Media’s revenue was up 55.4% compared to the same quarter last year. On average, analysts predict that Pandora Media will post $0.03 earnings per share for the current fiscal year.
Pandora Media, Inc (NYSE:P), is an Internet radio in the United States.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.