UPDATE: Morgan Stanley Upgrades Pandora Media to Overweight on Best Pureplay Exposure

In a report published Monday, Morgan Stanley analyst Scott Devitt upgraded the rating on

from Equal-Weight to Overweight, and named a $24.00 price target. In the report, Morgan Stanley noted, “We upgrade Pandora to OW as we believe it is the best pureplay exposure to the secular shift of radio dollars to online channels. Pandora's integration into radio buying systems removes its biggest point of friction to penetrating broadcast budgets and we see meaningful upside to Street estimates.” Pandora Media closed on Friday at $18.40.