JPMorgan Chase Reiterates Overweight on Pandora Media (P) December 19th, 2012
Pandora Media (NYSE: P)‘s stock had its “overweight” rating restated by equities researchers at JPMorgan Chase in a report issued on Wednesday. They currently have a $14.00 target price on the stock.
The analysts wrote, “We remain positive on Pandora, as we believe it is well positioned to take share of the U.S. online display, mobile, and radio ad markets (~$37B opportunity by 2014). We recognize that very strong growth in usage hours driven by mobile will continue to weigh on profitability in the near to mid term, but in the meantime we believe Pandora will build significant market share and that the ability to monetize mobile hours will improve over the next few years and drop down to the bottom line.”