In a research report issued today, William Blair analyst Ralph Schackart reiterated an Outperform rating on Pandora Media Inc (NYSE:P). No price target was provided. The report followed a primary research, which supports the thesis that Pandora has a large market opportunity.
Schackart noted, “Over the past several years, Pandora has made a strong push to penetrate the local radio advertising market, which represents about two-thirds of the approximately $15 billion U.S. radio advertising market. The company has 109 local salespeople and reported that local advertising revenue represented about 20% of total advertising revenue (currently under-indexing the overall market mix) in the second quarter, growing 144% year-over-year (compared with total advertising growth of 39%).”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ralph Schackart has a total average return of 18.8% and a 66.7% success rate. Schackart has a -9.4% average return when recommending P, and is ranked #354 out of 3274 analysts.