UPDATE: Stifel Nicolaus Upgrades Pandora Media to Buy

Stifel Nicolaus raises its rating on Pandora Media

to Buy from Hold and establishes an $18 price target on shares as device ubiquity helps the company become a platform for mobile advertising. Stifel Nicolaus says, "Pandora has emerged as a must-have tablet and connected device application, is building a major market local sales force to supercharge its mobile monetization efforts, and has evolved into one of the few large scale platforms in mobile media, with audience larger than any terrestrial radio broadcaster. Valuation remains vexing unless one believes, as we do, that the strategic value of becoming a mobile advertising platform justifies a value of $4 bn or more." P closed at $13.09 a share on Friday.