UPDATE: Wedbush Securities Reiterates Outperform, Lowers Price Target On Pandora Media On In-Line Q4 EPS

In a report published Friday, Wedbush Securities analyst Michael Pachter reiterated an Outperform rating on

, but lowered the price target from $35.00 to $27.00. In the report, Wedbush Securities noted, "Revenue was $268 million, vs. our estimate of $281 million, consensus of $276 million, and guidance of $273 – 278 million. The shortfall was due to an unexpected y-o-y decline in advertising during the key Black Friday period, with advertising revenue of $220 million, below our estimate of $233 million. Subscription and other revenue was $48 million, in line with our estimate. Non-GAAP EPS was $0.18, in line with consensus and guidance of $0.17 – 0.19, but below our estimate of $0.20. EPS was in line as content costs declined 373 bps as a percentage of revenue in Q4." Pandora Media closed on Thursday at $18.41.