Pandora Media (NYSE: P) reported Q2 2014 earnings Thursday, releasing an EPS of $0.04 compared to analysts estimates of $0.03 and revenue of $218.90 million compared to consensus estimate of $218.51 million.
Following its earnings, multiple sell-side analysts released coverage on the company.
Canaccord analyst Michael Graham maintained Pandora's price target of $43 per share. Graham said Pandora's active listeners declined in June, causing a sell off.
CRT Capital maintained its Fair Value rating and a price target of $32. The firm noted concerns of listeners in June decreasing despite heavy listener hours. Pandora's ad business underperformed in comparison to CRT Capital expectations.
Cowen analyst John Blackledge reiterated his Outperform rating, while lowering the price target from $41 to $38. Concerns were drawn on Pandora's seasonally reduced user growth and a decrease in RPM; Cowen projects both to recover by the second half of the year.
FBR analyst Barton Crockett reiterated a Market Perform rating with a $28 price target.
JP Morgan raised its price target for Pandora from $41 to $42 on Friday and currently holds an Overweight rating on the company.
Nomura maintain its Neutral rating and a $29 target price.
Raymond James maintained its Outperform rating and $31 price target. The firm increased its future guidance for Pandora, raising its 2014 non-GAAP EPS forecast from $0.16 to $0.19 and its 2015 estimate from $0.41 to $0.42.
SunTrust maintained its Buy rating, with a price target of $34.
Albert Fried reiterated its Underweight rating and $20 price target.
Barrington initiated coverage with an Outperform rating and $20 price target.
Shares of Pandora traded recently at $25.43, down 11.4 percent.
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