J.P. Morgan Reiterates Overweight Rating, $14 PT on Pandora Media
In a report published Wednesday, J.P. Morgan & Co. reiterated its Overweight rating and $14.00 price target on Pandora Media (NYSE: P).
J.P. Morgan noted, “We remain positive on Pandora, as we believe it is well positioned to take share of the U.S. online display, mobile, and radio ad markets (~$37B opportunity by 2014). We recognize that very strong growth in usage hours driven by mobile will continue to weigh on profitability in the near to mid term, but in the meantime we believe Pandora will build significant market share and that the ability to monetize mobile hours will improve over the next few years and drop down to the bottom line.”
Pandora Media closed on Tuesday at $9.18.
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