Gilford Securities Initiates Sell Rating on Pandora Media

Gilford Securities is out with a research report this afternoon, where it initiates a Sell rating on Pandora Media

; it has a $14.00 price target on the stock. The GS analysts cited the company's valuation, noting P is trading at 36.8x FY'14 EBITDA, which is a very lofty multiple. As for valuation, the analysts remarked, “Our $14 target is a 5.0x FY‘13E Price/ Sales, a modest discount to Google's consensus CY'12E P/S.