Wedbush Has Positive Outlook on Pandora Media Ahead of Q3 Results

In a report published Monday, Wedbush analyst Michael Pachter reiterated an Outperform rating and $35.00 price target on

. In the report, Wedbush noted, “We expect Pandora to meet or exceed the high-end of Q3 EPS guidance driven by rebounding audience metrics, as well as local and in-car ad opportunities. Our estimates are for revenue of $241 million and EPS of $0.09, versus consensus of $238 million and $0.08 and guidance of $235 – 240 million and $0.05 – 0.08. We expect seasonal weakness in June (attributed to users on vacation or out of school, with the World Cup likely having an impact as well) to reverse itself in Q3 as user listener hours reverted back to Pandora. Actual EPS has met or exceeded consensus and the high-end of guidance in each of the past ten quarters, with beats in eight of those quarters.” Pandora Media closed on Friday at $22.55.