UPDATE: Citi Initiates Pandora Media at Buy

Citi is out with its report today on Pandora Media (NYSE: P), initiating P at Buy.In a note to clients, Citi writes, "We rate P shares as 1S (Buy, Speculative). P's investment positives include : 1) Significant market opportunity ($14B U.S. Radio Ad mkt + $30B U.S. Internet Ad mkt); 2) Leading position in Internet Radio (accounting for roughly 60% of all ‘Net Listening Hours); 3) Very robust growth profile (87%+ Rev growth est for C2011); 4) Clear derivative play off of Mobile Internet (over 60% of P's usage today with 200% growth est for C2011); 5) Very sizeable new l-t growth opportunity in Automotive segment (accounts for almost 50% of all Radio listening today) & 6) Proprietary/moat-creating technology in Music Genome Project."Citi has a $25 PT on P.At the time of posting, shares of P were trading pre-market at $18.08, up 0.28% from Friday's close.