UPDATE: Goldman Sachs Reiterates Buy Rating, Raises PT on Pandora Media Following Follow-On Public Offering Price Announcement

In a report published Thursday, Goldman Sachs analyst Heath P. Terry reiterated a Buy rating on

, and raised the price target from $29.00 to $30.00. In the report, Goldman Sachs noted, “Pandora priced its previously announced follow-on public offering of 18.2mn shares. The company will offer 13mn shares at $25 and Crosslink Capital will offer 5.2mn shares. The underwriters also have the option to purchase another 2.73mn shares. There is no change to our investment thesis as a result of the offering.” Pandora Media closed on Wednesday at $25.64.