Stifel commented on news that Pandora Media Inc P CEO Brian McAndrews personally bought 25,000 shares of the company’s stock on the open market for approximately $465,000.
The purchase was seen as a “vote of confidence” by analyst Scott Devitt ahead of a discussion on the Copyright Royalty Board (CRB) next week.
According to the analyst note, the “discussion is expected to focus on case theory rather than Pandora’s strategy in the proceedings, but it should provide investors with a digestible walkthrough of Pandora’s lengthy proposal filed in the second week of October."
Related link: Pandora Analyst Roundup after its Q3 earnings report./p>
“We do not expect much discussion on other participants’ statements or any likelihood of outcomes based on the specific rate structures proposed by each party. The Web IV proceedings are currently in a discovery period that lasts until early December.”
Stifel maintained a Buy rating and $29 target price on the company.
Pandora Media soared Friday, trading at 21.82, up 18.27 percent.
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