Analyst Suggests Reasons for Pandora Selloff Despite Solid April Metrics
Shares of Pandora Media, Inc. (NYSE: P) tumbled more than six percent following the company's release of April 2014 audience metrics.
In a press release on Tuesday, Pandora announced that listener hours for April increased 30 percent to $1.70 billion, from the same period last year. Share of total U.S. radio listening was 9.28 percent, compared with 7.33 percent in April 2013. Active listeners at the end of April 2014 totaled 76 million.
With metrics suggesting an upside, FBN Securities analyst Shebly Seyrafi suggests that weakness in the stock is due to “1.) listener hours being down M/M (from 1.71B hours in Mar. to 1.70B hours in Apr.), but Apr. has historically been a flat/down month, and 2.) active listeners up 8% Y/Y to 76.0M users (but we are modeling 8% Y/Y growth this quarter and find this to be in line).”
Seyrafi remarked that shares are “especially attractive” at current levels.
Shares of Pandora closed at $24.73 on Monday. The stock is currently trading at $23.40, down 5.68 percent.
Latest Ratings for P
|Jan 2017||Barrington Research||Downgrades||Market Outperform||Market Perform|
|Dec 2016||Aegis Capital||Initiates Coverage On||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.