MKM Starts Pandora at Sell, $10 Target Amid Strong Competition from Apple, Google, Facebook, Etc.

Analyst Rob Sanderson of MKM Partners initiated coverage on Pandora Media

Friday morning. Sanderson gave the company a Sell rating and set a price target of $10. Shares of Pandora are trading down more than 1 percent in pre-market action, likely on the heels of this research note. In his report, Sanderson stated Pandora's valuation has "significantly over shot reasonable EPS power scenarios." He also noted competition from Facebook, Apple, Google, Amazon and Twitter is growing as all of these companies now have music offerings. Pandora shares are up about 80 percent year to date. The stock last traded at $16.20.