Gilford Securities Has Hold On Pandora Media
Gilford Securities is out with a research report on Pandora Media (NYSE: P) 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.
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