In a report published Tuesday, Piper Jaffray analyst James M. Marsh reiterated an Overweight rating onPandora MediaP
, and raised the price target from $27.00 to $37.00. In the report, Piper Jaffray noted, “We are reiterating our Overweight rating on Pandora, raising our FY14 estimates and our price target (to $37 from $27). Our continued bullishness on Pandora shares largely hinges on improving mobile monetization (helped out by increasing demand for high quality mobile advertising platform, a better local sales force and increased ad loads), but also on a more benign competitive landscape now that all major players have entered the market. We expect management to continue to invest in Sales and R&D in FY14 as Pandora builds out its local sales effort and the necessary infrastructure to continue to take share in the local radio ad market. After playing defense and absorbing new competitors domestically, we expect management to go on the offense focusing on international expansion and the connected car.” Pandora Media closed on Monday at $31.56.
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