UPDATE: Canaccord Genuity Upgrades Pandora Media to Buy Following Strong Q2 Results

Canaccord Genuity raised its rating on Pandora Media

from Hold to Buy and increased its price target from $13 to $16. Canaccord Genuity commented, "We upgrade Pandora from Hold to BUY based on improving visibility to our now-higher baseline forecast, and on potential upside stemming from higher mobile monetization and possibly from moderating content costs. … For Q3 and F2013, we are raising estimates slightly above management's guidance. For 2014-2016, we are generally raising revenue and EPS estimates on more bullish assumptions around mobile monetization rates. Our new 2015 mobile RPM assumption is $40, up from $25." Pandora Media closed at $10.08 on Wednesday.