Stifel Nicolaus Maintains Hold on Pandora Media

Stifel Nicolaus is out with its report today on Pandora Media

, maintaining Hold. In its report, Stifel Nicolaus writes, "The Pandora management team is executing well and sounded a positive tone at a conference this week. Yet investor wariness with high-valuation 'story' stocks has kept shares range-bound after the recent earnings release. Further, a less aggressive online marketing mentality among Pandora's advertiser base, including its only previous 10% customer (Living Social), may limit revenue upside in the October quarter. At current $2.1 bn enterprise value, we believe shares are more likely headed modestly down than up from current levels, until the Pandora sales force can fill the gap left by the downtick from Living Social." At the time of posting, shares of P were trading pre-market at $12.27, down 0.81% from Wednesday's close.