UPDATE: Albert Fried Downgrades Pandora Media to Market Perform, Maintains $18 PT on Lack of Attractive Returns

In a report published Wednesday, Albert Fried analyst Rich Tullo downgraded the rating on

from Overweight to Market Perform, and maintained the $18.00 price target. In the report, Albert Fried noted, “We still think Pandora shares are a solid long term strategic hold as there is 10% upside to our $18 Target. However, we are value focused and while Pandora represented non-traditional long-term strategic value in our universe as shares approach our targets we review our estimates and company fundamentals. While there is some probability we are wrong, we think as Pandora shares are up 97% ( vs. 18% for the S&P 500) since our Rent a Uhaul Call on October 25, 2012 adding new money to Pandora Positions is not our call. Our review of Pandora's fundamental data set suggests the revenue growth we forecast could be reflected in Pandora's share value.” Pandora Media closed on Tuesday at $16.33.