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

Shares of Pandora 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.