UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on Pandora Media

In a report published Wednesday, Goldman Sachs Group reiterated its Neutral rating on Pandora Media

, but slightly lowered its price target from $12.00 to $11.00. Goldman Sachs noted, “Pandora reported 3Q results above expectations, with revenue of $120mn vs. our estimate of $116.3mn and non-GAAP EPS of $0.05 vs. our $0.01. P provided 4Q guidance below consensus and lowered FY13 guidance due to a lack of visibility beyond the end of the calendar year due to advertiser concerns over the fiscal cliff adding to the typical seasonal weakness in January. We continue to believe Pandora is well positioned to benefit from local advertiser adoption of mobile by leveraging its massive inventory, targeting opportunities, and user data. That said, the company's ad product development continues to lag and in our view significant success is already reflected in Pandora's valuation, therefore we remain Neutral rated.” Pandora Media closed on Tuesday at $9.45.