Dallas, Texas 04/17/2014 (FINANCIALSTRENDS) – Pandora Media Inc (NYSE:P) share price went up by a impressive 4.3 percent during trading on 16th April after the company was upgraded by analyst firms in the run up to its 1Q and full year operations report due to be released on 24th April. These recent gains reverse the nearly 22 percent loss that the share price has seen in the past one month of trading.
Maxium Group upgraded the stock from previous Hold rating to Buy rating and has upped its price target for the stock to $55 per share. The upgrade comes on the back of the stock shrinking by close to 40 percent during trading in the past few weeks on the back of more competition entering the streaming media and content space in U.S. Post the selloff, the stock has been understood to offer more attractive valuations.
In his research note which accompanied the rating upgrade recommendation, Maxium Group analyst John Tinker has been quoted to have said that, “ Media Ratings Council accredited Triton’s webcast measurement service will increase advertisers’ confidence in Pandora’s audience data”. It is important to note here that Pandora shares Triton’s driven audience data to its paying advertisers. On the back of these positive developments, the price target of the stock has been pushed up to $55 per share.
In more positive analyst coverage for the stock, Pandora Media Inc (NYSE:P) was commended by Pacific Crest analysts for its considered moves to increase its foot print in the luxury car sector. The analyst goes on to predict that by 2017, the Oakland based firm would be able to catch up with its bigger competitor Sirius XM in the car segment. The analysts at Pacific Crest has upped the Price target on the stock to $45 and has reiterated a outperform rating on the stock.