Bank Of America: Clear Channel To Take On Pandora With Revamped IHeartRadio

Bank of America released a research report on Pandora Media Inc. P announcing Clear Channel's CCO launch of a beta version of iHeartRadio to take on Pandora. In the report Bank of America writes, “Clear Channel, which is likely feeling threatened as Pandora, has grown to nearly 4% of all radio hours in a just a few years, launched a revamped beta version of its iHeartRadio music streaming service today. The service, which is heavily integrated with Facebook (you are required to “Like” the service on Facebook before you can even register for it), boasts a much bigger library (11mn+ to Pandora's less than 1mn) and a no ads promise through the end of 2011. The service allows users to build customized stations (similar to Pandora) as well as stream Clear Channel's existing 800+ terrestrial stations.” Bank of America has a Buy rating and a price objective of $19.00 on Pandora Media Inc., which closed yesterday at $11.02.