UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Lowers PO on Pandora Media
In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on Pandora Media (NYSE: P), but slightly lowered its price objective from $17.00 to $16.00.
BofA Merrill Lynch noted, “Pandora is an investment for both the trend towards media storage and streaming from the Cloud and the rapid adoption of mobile Internet-connected devices. We believe Pandora's Internet-based radio service will continue to rapidly take share from traditional radio as users gravitate towards the greater flexibility and personalization of Pandora's Internet offering and advertisers are attracted to the better targeting.”
Pandora Media closed on Tuesday at $9.45.
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