Pandora Media Receives New Coverage from Analysts at SunTrust (P)
Investment analysts at SunTrust started coverage on shares of Pandora Media (NYSE:P) in a note issued to investors on Monday, TheFlyOnTheWall.com reports. The firm set a “buy” rating and a $34.00 price target on the stock. SunTrust’s target price would indicate a potential upside of 34.33% from the company’s current price.
The analysts wrote, “remain the clear leader in internet radio.” The analyst sees “$2B+ revenue potential driven by monetization, not predicated on user growth, and longer-term optionality given platform scale.” The $34 price target is based on “0.43x 2015 EV/EBITDA/g (0.1x below basket of 20 peers) and equates to 6x EV/revenue, 57x EV/EBITDA, and 74x P/E,” said the SunTrust analyst. Peck sees Pandora increases their share of radio ad spent, which currently sits at two percent, to narrow the gap of U.S. radio listening share, which currently sits at nine percent. The analyst expects mobile CPM “to increase from $2 to ~$5. “Rising mix of video (at $15-$25 CPM) lends further support,”
Other equities research analysts have also recently issued reports about the stock. Analysts at Wedbush upgraded shares of Pandora Media from a “neutral” rating to an “outperform” rating in a research note on Monday, April 7th. They now have a $35.00 price target on the stock. Separately, 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. Finally, 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. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating and fifteen have issued a buy rating to the company’s stock. Pandora Media has an average rating of “Hold” and an average target price of $31.95.
In other Pandora Media news, Director Robert Kavner sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, April 4th. The stock was sold at an average price of $28.65, for a total value of $286,500.00. Following the sale, the director now directly owns 27,757 shares in the company, valued at approximately $795,238. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Shares of Pandora Media (NYSE:P) traded up 2.84% on Monday, hitting $26.03. The stock had a trading volume of 3,301,943 shares. Pandora Media has a 52-week low of $12.76 and a 52-week high of $40.44. The stock’s 50-day moving average is $33.52 and its 200-day moving average is $30.57. The company’s market cap is $5.139 billion.
Pandora Media (NYSE:P) last issued its quarterly earnings data on Wednesday, February 5th. The company reported $0.11 EPS for the quarter, missing the Thomson Reuters 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 in the prior year, the company posted ($0.04) earnings per share. The company’s quarterly revenue was up 52.4% on a year-over-year basis. On average, analysts predict that Pandora Media will post $0.16 earnings per share for the current fiscal year.
Pandora Media, Inc (NYSE:P), is an Internet radio in the United States.
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