Canaccord Genuity analyst Michael Graham offered some insights on Pandora Media Inc (NYSE:P) following investor meetings with the company’s management. Graham reiterated a Buy rating on Pandora with a price target of $26, which implies an upside of 57.6% from current levels.

Graham observed, “We continue to believe Pandora’s business is progressing nicely within the context of a rapidly changing music industry. Many investors feel more comfortable waiting until the CRB decision regarding new rates is handed down (likely close to December 14). It is hard to argue strenuously with this risk-averse stance. However, we continue to believe the range of likely outcomes is fairly narrow, and we believe the stock is reflecting expectations of a negative outcome.”

“In addition, short interest has held fairly level at ~26M shares (12% of outstanding). Meanwhile, we believe Pandora continues to improve its monetization abilities with advertiser enthusiasm high. We think Pandora will evolve its service over time to leverage its large user base and ensure that it remains one of the leading, relevant music services in a music industry that is shifting rapidly towards its strengths.”, the analyst concluded.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Graham has a total average return of 16.0% and a 54.9% success rate. Graham has a 18.3% average return when recommending P, and is ranked #172 out of 3632 analysts.

Out of the 29 analysts polled by TipRanks, 20 rate Pandora Media Inc stock a Buy, 8 rate the stock a Hold and 1 recommends Sell. With a return potential of 42.1%, the stock’s consensus target price stands at $23.44.