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UPDATE: Wedbush Upgrades Pandora On Stronger-Than-Expected March Metrics

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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

DateFirmActionFromTo
Apr 2015Pacific CrestMaintainsOverweight
Apr 2015AxiomInitiates Coverage onHold
Mar 2015CRT CapitalUpgradesFairly ValuedBuy

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Posted-In: Michael Pachter WedbushAnalyst Color Upgrades Initiation Analyst Ratings

 

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