UPDATE: Wedbush Upgrades Pandora On Stronger-Than-Expected March Metrics
Shares of Pandora (NYSE: P) are lower by 1.25 percent to $28.03 after Wedbush upgraded the stock from Neutral to Outperform and maintained the $35 price target.
Analyst Michael Pachter arrives at his $35 price target by valuing each user at $100. The analyst expects 76.2 million users at year-end.
“Stronger-than-expected March metrics Thursday alleviated much concern about Pandora's growth prospects, and position it well to meet or exceed Q1:14 expectations,” Pachter said.
The stock's 28 percent decline since March 5th was due to a broader market pullback, where internet stocks valued on long-term growth potential were hit the hardest, according to the analyst.
Pachter's $35 price target is 25 percent above current levels.
Latest Ratings for P
|Jul 2014||JP Morgan||Maintains||Overweight|
|Jun 2014||Morgan Stanley||Assumes||Equal-weight|
|May 2014||MKM Partners||Maintains||Buy|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.