Macquarie Keeps Their Hold Rating on Pandora Media

By Austin Angelo

In a report released yesterday, Amy Yong from Macquarie reiterated a Hold rating on Pandora Media (NYSE: P), with a price target of $11. The company’s shares closed yesterday at $9.48, close to its 52-week low of $8.68.

Yong observed:

“We remain skeptical that Verizon could pursue one or both of these assets, but think it’s worth considering and could push things along between SIRI-P. We remain Neutral on Pandora as share movement is now largely driven by the whims of M&A.”

According to TipRanks.com, Yong is a 4-star analyst with an average return of 11.3% and a 68.1% success rate. Yong covers the Services sector, focusing on stocks such as Liberty Global PLC LiLAC Class A, Live Nation Entertainment, and Madison Square Garden Co.

Pandora Media has an analyst consensus of Moderate Buy, with a price target consensus of $13.21.

Based on Pandora Media’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $316 million and GAAP net loss of $132 million. In comparison, last year the company earned revenue of $297 million and had a GAAP net loss of $115 million.

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Pandora Media, Inc. provides an internet radio service in the United States, Australia and New Zealand. It offers a personalized experience for listeners to listen radio on smartphones, tablets, computers, car audio systems, and Internet-connected devices. Its also offers service through the Free Service and Pandora One models. The Free Service is advertising-supported and allows listeners access to music and comedy catalogs and personalized playlist generating system for free across all of the Pandora delivery platforms. The Pandora One covers paid subscription service without any advertising. The company was founded by Timothy Westergren and Jon Kraft in January 2000 and is headquartered in Oakland, CA.