Barrington analyst James Goss maintained a Buy rating on Pandora Media (P) today and set a price target of $11. The company’s shares opened today at $9.01.
Goss noted:
“We expect Sirius XM will be able to assist Pandora in its efforts to gain more of a presence on the dash, given the strong automotive relationships Sirius XM has built up over the years. Conversely, Pandora will provide Sirius XM with additional programming and content distribution options in addition to some assistance in its ad sales efforts. Pandora’s AdsWizz programmatic digital audio advertising capabilities already engage customers who have competed with one another, but most of those customers remained on board following the acquisition of AdsWizz by Pandora. Cross promotion between Sirius XM and Pandora appears to be topmost on the minds of both parties.”
According to TipRanks.com, Goss is a 5-star analyst with an average return of 13.6% and a 70.1% success rate. Goss covers the Services sector, focusing on stocks such as Lions Gate Ent Corp Cl A, iPic Entertainment Inc, and Sirius XM Holdings Inc.
Pandora Media has an analyst consensus of Hold, with a price target consensus of $9.73, representing a 8.0% upside. In a report issued on November 6, Wedbush also maintained a Buy rating on the stock with a $10 price target.
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The company has a one-year high of $10.07 and a one-year low of $4.09. Currently, Pandora Media has an average volume of 10.07M.
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Pandora Media, Inc. engages in the provision of a music discovery platform through internet radio services. It offers a personalized experience for listeners to listen radio on smartphones, tablets, computers, car audio systems, and Internet-connected devices.
