UPDATE: Albert Fried & Company Downgrades Pandora Media to Market Perform

Albert Fried & Company downgraded Pandora Media

from Outperform to Market Perform and announced a $13.00 price target. Albert Fried & Company noted, "We would still hold a meaningful position in Pandora shares but ours is a recommendation hold shares and Buy on weakness. Our estimates and price target are unchanged as we think Pandora should post a solid quarter on the Company's market share expansion in total Radio to roughly 8% from roughly 7% in 2012. However we still expect a loss of $0.13 per share on increased content costs which escalate in the first half of every year." Pandora Media closed at $12.98 on Friday.