Gilford Securities Initates Pandora Coverage: Sell, $14 PT

Gilford Securities initiated Pandora Media

coverage with a Sell rating and $14 price target in a research report published today. In the report, Gilford Securities states, "Pandora is blessed and cursed with remarkable growth. Active users' robust double-digit growth boosts P's ad surge; however, it also boosts its stratospheric royalty fees. Last FY, active users soared 81%, listener hours zoomed 111%, and royalty fees were also up 111%. Cautious investors, impressed by growth, still wonder about margins." Shares of Pandora were trading at $19.01 at the time of posting, up 3.48% from Wednesday's market close.