Canaccord Genuity Reiterates Buy On Pandora Media Shares, $43 PT

In a research report issued today, Canaccord Genuity analyst Michael Graham reiterated a Buy rating on Pandora Media Inc (NYSE:P) with a price target of $43.00.

Graham noted, “We believe the filings support our view that Pandora’s content costs are unlikely to increase materially, and may actually decrease. As noted in our detailed report “Guide to Pandora’s Content Costs” of Jan 27, 2014, we believe the logical arguments strongly support lower rates. In these latest filings, we believe Pandora and iHeartMedia lay out compelling and new evidence of free-market agreements at rates well below the current statutory rates (detailed within). We believe SoundExchange’s argument for higher rates relies mostly on trying to classify Pandora as an interactive service, which seems difficult to justify. “

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Michael Graham has a total average return of 18.6% and a 56.1% success rate. Graham has a 23.2% average return when recommending P, and is ranked #78 out of 3336 analysts.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts