UPDATE: MKM Partners Reiterates Buy Rating, Lowers PT on Pandora Media Ahead of Earnings Report

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In a report published Tuesday, MKM Partners analyst Rob Sanderson reiterated a Buy rating on
Pandora MediaP
, but lowered the price target from $35.00 to $31.00. In the report, MKM Partners noted, “It is unlikely that uncertainty over content costs will go away until the end-2015 and this will continue to be an overhang. The increase in content cost assumptions erodes $0.90 of EPS from our previous 2020 earnings power analysis. The offset to uncertainty on content costs is the monetization story. If local advertising revenue ramps for P as we expect, this will outweigh content cost escalation barring extreme outcome from the CRB. Momentum in monetization in Q3 and Q4 is critical for the stock, in our view. Our new 12-month price target is $31 per share from $35 previously.” Pandora Media closed on Monday at $22.21.
Posted In: Analyst ColorPrice TargetAnalyst RatingsMKM PartnersRob Sanderson
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