UPDATE: Pacific Crest Reiterates Outperform on Pandora Media as Outlook Remains Very Positive

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In a report published Thursday, Pacific Crest Securities analyst Andy Hargreaves reiterated an Outperform rating on

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Pandora Media

(NYSE: P), and raised the price target from $24.00 to $32.00.In the report, Pacific Crest Securities noted, “2H and C2014 outlook remains very positive; we expect inflection in local ad sales. We continue to believe Pandora is in the early stages of an inflection in monetization as the company gains share of local ad sales. With CPMs for hyper-local audio ads as high as $15 to $25, we now believe the company can drive advertising RPM to $70 by 2017. NDR reinforces our confidence in RPM potential. Based on our discussions, we believe the company remains very positive on the outlook for improving monetization through its local initiative, and remains confident in its competitive position.”Pandora Media closed on Wednesday at $26.70.