In a research report issued today, Topeka Capital analyst Victor Anthony upgraded Pandora Media (NYSE:P) from Hold to Buy with a price target of $30.00.
Anthony commented: “Pandora’s shares have declined 9% (vs. a 2% decline for the S&P 500) since we initiated coverage last week, and have declined 43% from all-time highs set earlier this year (vs. a 4% appreciation for the S&P 500). The pullback creates a favorable risk-reward scenario, with 62% upside to our bull case model vs. 35% downside to our bear case model (see our initiation report: Great Product; Competition and Content Costs Uncertainty Keeps us at Hold). The concerns we raised last week remain valid; however, we believe they are priced-in at current valuation levels, resulting in a long trading opportunity.”
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 21.0% and a 70.0% success rate. Anthony is ranked #29 out of 3314 analysts.