UPDATE: Albert Fried & Company Downgrades Pandora Media to Market Perform
Albert Fried & Company downgraded Pandora Media (NYSE: P) from Outperform to Market Perform and announced a $13.00 price target.
Albert Fried & Company noted, "We would still hold a meaningful position in Pandora shares but ours is a recommendation hold shares and Buy on weakness. Our estimates and price target are unchanged as we think Pandora should post a solid quarter on the Company's market share expansion in total Radio to roughly 8% from roughly 7% in 2012. However we still expect a loss of $0.13 per share on increased content costs which escalate in the first half of every year."
Pandora Media closed at $12.98 on Friday.
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