UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Pandora Media Following September Ad Load Survey

In a report published Monday, Canaccord Genuity analyst Michael Graham reiterated a Buy rating on Pandora Media P, and raised the price target from $30.00 to $25.00. In the report, Canaccord Genuity noted, “Our September ad load survey results are largely consistent with prior months, although the ad load and local mix were both slightly lighter than August. In general, however, we believe Q3 is tracking well. We are currently modeling Q3 mobile ad RPM of $35, but based on our sampling we believe there could be a few dollars of upside.” Pandora Media closed on Friday at $25.52.