SunTrust's Bob Peck Comments on Pandora Following Earnings

After closing Thursday's market session at $28.72, shares of Pandora Media (NYSE: P) saw a steep drop off to a low of $25 on the release of its second quarter results.In response to the company's earnings report, Suntrust's Bob Peck issued a note in which he maintained a Buy and $34 price target. Peck began the note by pointing out that Pandora's stock has sold off on six of the last seven earnings reports and said its "likely over-done again".The positives Peck saw in the company's report include above consensus revenue guidance for both the third quarter and full-year 2014, "solid" listener hours and engagement in June, and better than expected subscription revenue.Peck noted the stock is back to the levels it was at when he initiated coverage in April and continues to have on positive view on the company based on rising CPMs. He also stated, "We believe Pandora could be an acquisition target post setting of the new CRB rate structure (late 2015) given the company's user base (primarily mobile), engagement rates, and data."