UPDATE: Albert Fried Upgrades Pandora to Overweight on Share Pullback
Albert Fried raises its rating on Pandora (NYSE: P) from Market Perform to Overweight and reiterates its $13 price target on shares.
Albert Fried notes, "When we launched coverage on Pandora shares on July 11, 2011 we had concerns about Cor 11, 2011 we had concerns about Corpora rr we had concerns about valuation, we had concerns about the ability to grow FCF over time and we had concerns about well funded revenue generating competition well funded revenue generating competition which in which included iHeart (CCU, NC) and Spotify (Priva cluded iHeart (CCU, NC) and Spotify (Private). te). Since our launch with an Underweight rating (since upgraded) P shares declined roughly 49% as compared to a less than 1% change for the S&P 500. We now think our prior concerns are discounted in Pandora's share price."
P closed at $9.90 on Wednesday.
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