Pandora Shares Squeeze Higher Following Yesterday's HR6480 Hearing; Bullish Analyst Comments
Albert Fried & Co.'s Rich Tullo issued a note on Pandora Media (NYSE: P) which suggests the HR 6480 could get a vote sometime in 2013. Tullo believes today's testimony highlights the view that Pandora will benefit from the leveling of the playing field.
The analyst noted the measure could lower Pandora's long-term content costs and trigger a short-covering rally. Tullo said 57 percent of Pandora's float is sold short.
Albert Fried reiterated an Overweight rating and $13 price target on Pandora shares.
The stock is up nearly 9 percent at last check.
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