Gilford Securities Has Hold On Pandora Media

Gilford Securities is out with a research report on Pandora Media

and it has a Hold rating and a $14 price target on shares. In a note to clients, Gilford Securities writes, "Although most observers are focuse on P's mobile usage up to 70% of its listening and 50% of its ad rev., we would point out P is hiring to boost its local ad sales effort. Since 75-80% of off-air Radio's $16B rev. is local – P is taking the apocryphal advice of the long-ag bank robber Willie Sutton when asked why he robbed banks stated “because that's whe the money was”. As P's local audience often beats off-air in large markets,, it is best to go “where the money is”. At last check, shares of P were off 7 cents to $13.73.