UPDATE: National Alliance Securities Reiterates Market Perform Rating, Raises PT on Pandora Media on Earnings Review

In a report published Friday, National Alliance Securities analyst Mike Hickey reiterated a Market Perform rating on Pandora Media P, and raised the price target from $6.71 to $11.43. In the report, Hickey noted, “We view the Company's fundamental near term share price risk / reward profile balancing neutral, with strong mobile advertising sales growth offset by content acquisition expense, local sales force development, executive departures (CEO and CFO), recent valuation increase and emerging / current competitive threats including: Apple, Google, Facebook, Twitter, TuneIn, Slacker and Spotify. Near term net positive valuation sentiment is likely centered over mobile sales growth as identified from mobile RPM; punctuated by spend dislocations over radio share / advertising spend and digital / advertising spend, creating a compelling performance path over an increasingly scaled / integrated mobile ad platform, including: engagement, demographic, user data, measurement, buyer toolset integration, local, etc.” Pandora Media closed on Thursday at $14.10.