Pandora Media Inc. P shares are trading higher by $0.43 at $8.60 in Tuesday's session. The catalyst for the rally is the initiation of coverage at Citigroup with a Buy rating along with a $16 price target. The firm stated the streaming music company is well-positioned now that Apple has put its radio service behind a paywall.
After a higher open, it retreated to match Monday's low at $8.14 and rebound back to make a new high for the session, which stands at $8.63. If the rally continues, there may be additional short-term resistance at Thursday's high ($8.81) along with the series of highs around the $9.20 level from last week.
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