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Analyst Suggests Reasons for Pandora Selloff Despite Solid April Metrics

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Shares of Pandora Media, Inc. (NYSE: P) tumbled more than six percent following the company's release of April 2014 audience metrics.

In a press release on Tuesday, Pandora announced that listener hours for April increased 30 percent to $1.70 billion, from the same period last year. Share of total U.S. radio listening was 9.28 percent, compared with 7.33 percent in April 2013. Active listeners at the end of April 2014 totaled 76 million.

With metrics suggesting an upside, FBN Securities analyst Shebly Seyrafi suggests that weakness in the stock is due to “1.) listener hours being down M/M (from 1.71B hours in Mar. to 1.70B hours in Apr.), but Apr. has historically been a flat/down month, and 2.) active listeners up 8% Y/Y to 76.0M users (but we are modeling 8% Y/Y growth this quarter and find this to be in line).”

Seyrafi remarked that shares are “especially attractive” at current levels.

Shares of Pandora closed at $24.73 on Monday. The stock is currently trading at $23.40, down 5.68 percent.

Latest Ratings for P

DateFirmActionFromTo
Dec 2014Credit SuisseMaintainsNeutral
Nov 2014FBR CapitalDowngradesMarket PerformUnderperform
Oct 2014Albert Fried & Co.DowngradesMarket PerformUnderweight

View More Analyst Ratings for P
View the Latest Analyst Ratings

Posted-In: FBN Securities Pandora April Audience Metrics Shebly SeyrafiAnalyst Color News Management Analyst Ratings

 

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