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Why Pandora Is Up 8%

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Shares of Pandora Media (NYSE: P) are up more than eight percent following comments from CFO Michael Herring and a Buy rating by Stifel Nicolaus.

Among other topics, Herring touched on listener hours and the possibility for expansion into the automobile.

Herring stated that much of the increase in total listener hours are from loyal listeners. Average listener hours per month have risen from 17 to 21 hours. He further commented that this was largely driven by product advances that call the user back to Pandora.

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Herring indicated that there is significant growth opportunity in the automobile. Only a single-digit percent of Pandora use is in cars, while music is much more popular than other forms of terrestrial radio. Herring did not go into detail on Pandora’s plans to boost auto listening.

The Stifel note commented that Pandora will be able to continue its listener per hour growth over the mid- to long-term through its improved distribution channels and further international expansion.

Shares of Pandora were last trading 8.2 percent higher at $27.83.

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Posted-In: Michael Herring Stifel NicolausNews Price Target Initiation Management Analyst Ratings


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