UPDATE: Wedbush Downgrades Pandora Media to Neutral on Valuation, Competitive Uncertainty

Wedbush downgraded Pandora Media

from Outperform to Neutral and raised the price target from $10.00 to $11.50. Wedbush said, "We do not see significant room for price appreciation due to a lack of nearterm profitability and continuing uncertainty about competition. Pandora shares have traded up significantly in value since mid-November, despite lowered FY:13 guidance in December, with key headwinds remaining unresolved. Shares have likely benefitted from recent positive reports from Google and Netflix." Pandora Media closed at $11.59 on Monday.