Morgan Stanley Reiterates Overweight Rating on Pandora Media

In a report published earlier today, Morgan Stanley reiterated its Overweight rating on Pandora Media

, but did not name a price target, related to Pandora opening its Internet radio service in public beta to listeners in Australia and New Zealand. Morgan Stanley went on to say “Without clarity on royalties or a timetable for an advertising rollout, it is unclear what the economic impact of this decision will be in the near-term. Pandora has said that international streaming was not much different from a cost of revenue standpoint, and if ad-free streaming grew enough to hurt overall RPM it would be a sign of significant international traction. We believe investors will likely view this event favorably as faster-than-expected international expansion could materially boost growth over the long term.” Pandora Media closed yesterday at $9.93.