UPDATE: ABG Sundal Collier Upgrades Pandora to Buy
ABG Sundal Collier raises its rating on Pandora (NYSE: P) to Buy from Hold as the company refocuses on its core business model.
ABG Sundal Collier comments, "We upgrade Pandora to BUY from Hold and see more than 40% upside to the current share price as we have found evidence of Pandora resetting its business model to focus on core competencies. The ASP has been lowered by as much as 30% in some key markets and the affordable share of products is growing. This, we believe, is a sound decision that including discontinuation of 50% of products could restore growth and profitability."
P closed at $8.98 on Thursday.
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