SunTrust Remains Optimistic On Pandora Metrics

In a report published Wednesday, SunTrust analyst Robert Peck commented on Pandora Media's P “satisfactory” May listener metrics. The analyst reiterated a Buy rating and $34.00 price target.

Following Pandora's report on May metrics, SunTrust remarked that the results were “satisfactory.”

Peck noted that he sees no reason to change his investment thesis due to “Robust radio monetization runway driven by auto (initial data suggests Pandora users that also adopt in-auto see 20% lift in listening hours), measurement, local salesforce, and ad load; 2) Robust mobile display monetization runway driven by secular, ad tech, and video; and 3) Long-term optionality around international, content extension, audio ad tech, and M&A.”

Shares of Pandora closed at $24.61 on Tuesday. The stock was down approximately six percent in pre-market trading and is currently trading at $23.94, down 2.8 percent.

Pandora shores are feeling the heat from the Department of Justice reviewing documents entailing songwriter royalties.