UPDATE: Barrington Reiterates Outperform Rating, Raises PT on Pandora Media on Raised Revenue Expectations

In a report published Monday, Barrington reiterated its Outperform rating on Pandora Media (NYSE: P), and raised its price target from $15.00 to $18.00.Barrington noted, “Revenue momentum improving; ad sales staff being increased: Pandora is investing in its sales staff to further efforts to take advantage of increasing levels of listening coupled with rising levels of mobile pricing. Listening is now 75% mobile, and management is stepping up hires of top salespeople in local markets to more effectively lay out Pandora's value proposition for targeted mobile listening audience to advertisers used to dealing with local broadcast radio.”Pandora Media closed on Friday at $13.79.