Pandora Media Upgraded to Outperform at Wedbush (P)
Pandora Media (NYSE:P) was upgraded by research analysts at Wedbush from a “neutral” rating to an “outperform” rating in a report released on Monday, TheFlyOnTheWall.com reports. The firm currently has a $35.00 price objective on the stock. Wedbush’s price target points to a potential upside of 23.24% from the stock’s previous close.
The analysts wrote, “Stronger-than-expected March metrics Thursday alleviated much concern about Pandora’s growth prospects, and position it well to meet or exceed Q1:14 expectations,”
P has been the subject of a number of other recent research reports. Analysts at Zacks downgraded shares of Pandora Media to a “neutral” rating in a research note on Wednesday, March 19th. They now have a $37.00 price target on the stock. Separately, analysts at Bank of America raised their price target on shares of Pandora Media from $35.00 to $41.00 in a research note on Friday, March 7th. They now have a “buy” rating on the stock. Finally, analysts at Cowen and Company reiterated an “outperform” rating on shares of Pandora Media in a research note on Thursday, March 6th. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $31.88.
Shares of Pandora Media (NYSE:P) traded down 2.85% during mid-day trading on Monday, hitting $27.59. The stock had a trading volume of 6,766,532 shares. Pandora Media has a 52 week low of $12.66 and a 52 week high of $40.44. The stock has a 50-day moving average of $34.81 and a 200-day moving average of $30.52. The company’s market cap is $5.447 billion.
Pandora Media (NYSE:P) last released its earnings data on Wednesday, February 5th. The company reported $0.11 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.27 by $0.16. The company had revenue of $200.00 million for the quarter, compared to the consensus estimate of $201.00 million. During the same quarter last year, the company posted ($0.04) earnings per share. Pandora Media’s revenue was up 52.4% compared to the same quarter last year. On average, analysts predict that Pandora Media will post $0.17 earnings per share for the current fiscal year.
In other Pandora Media news, CRO John Trimble unloaded 40,000 shares of the company’s stock on the open market in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $31.52, for a total value of $1,260,800.00. Following the completion of the sale, the executive now directly owns 85,374 shares of the company’s stock, valued at approximately $2,690,988. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.
Pandora Media, Inc (NYSE:P), is an Internet radio in the United States.
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