Pandora Media Inc (NYSE:P) announced that the Register of Copyrights released an opinion addressing five novel questions of substantive law referred by the Copyright Royalty Board (CRB) in the “Webcasting IV” rate-setting proceeding. On July 29th, the Copyright Royalty Judges asked the Register to offer an opinion on the admissibility of specific direct-license benchmark agreements as evidence in the CRB proceedings.
“We are pleased that the Copyright Office affirmed the admissibility of Pandora’s agreement with Merlin as a valid benchmark in the Copyright Royalty Board proceedings,” said Dave Grimaldi, Pandora spokesman.
“We look forward to the certainty that December’s decision will bring, and are prepared to thrive in a number of potential outcomes. Our investments in the business are providing real return, including almost $1.5 billion in royalties to date. We are excited about the future of ad-supported music streaming and the benefits it brings to consumers and music makers alike.”
In this rate proceeding, the CRB will determine the rates and terms for webcasting under a statutory license for a term of January 1, 2016 to December 31, 2020. The trial portion of “Webcasting IV” ended with closing arguments on July 21st and the CRB is expected to issue a ruling no later than December 16th. (Original Source)
Shares of Pandora opened today at $19.7 and are currently trading up at $20.93. P has a 1-year high of $26.83 and a 1-year low of $13.30. The stock’s 50-day moving average is $18.27 and its 200-day moving average is $17.11.
On the ratings front, Pandora has been the subject of a number of recent research reports. In a report issued on September 18, William Blair analyst Ralph Schackart reiterated a Buy rating on P. Separately, on September 15, Macquarie’s Amy Yong maintained a Hold rating on the stock and has a price target of $19.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ralph Schackart and Amy Yong have a total average return of 9.5% and 11.5% respectively. Schackart has a success rate of 52.2% and is ranked #765 out of 3765 analysts, while Yong has a success rate of 61.9% and is ranked #926.
Overall, 2 research analysts have assigned a Hold rating and 13 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $22.56 which is 14.5% above where the stock opened today.
Pandora Media Inc provides internet radio services on smartphones, tablets, traditional computers and car audio systems, as well as other internet-connected devices.