Topeka Capital Initiates Hold On Pandora Media, $30 PT
In a research report issued yesterday, Topeka Capital analyst Victor Anthony initiated Hold rating on Pandora Media Inc (NYSE:P) with a price target of $30.00.
Anthony commented: “Most Pandora users we speak with love the service and use it often, and in fact, active users spent on average 22 hours per month listening to Pandora in 2Q14. Pandora ranks high and above peers on brand awareness and usage. However, competition is increasing and users are splitting time with other Internet audio services, potentially pressuring user growth metrics. In addition, Pandora could potentially face escalating content costs beginning in 2016.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Victor Anthony has a total average return of 22.1% and a 78.8% success rate. Anthony has an average return when recommending P, and is ranked #21 out of 3295 analysts.