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Pandora's Box Reveals a Nice Surprise

Even with shares rebounding sharply this morning, Barclays Capital analyst Anthony DiClemente notes not all is strawberries and cream with the Oakland, Calif.-based company.

DiClemente noted that ad revenue came in below Street forecasts, and mobile monetization has not yet greatly improved. He rates Pandora "underweight" with a $9 price target.

Pandora CFO Steve Cakebread also announced on Wednesday that he's leaving the company, but JPMorgan analyst Doug Anmuth does not believe this is a significant concern.

With Pandora obtaining 6.13% of the radio market at the end of July, Anmuth believes the company will continue to take market share in not only online, but mobile and advertising as well. "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 that 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."

Shares of Pandora are up sharply in early Thursday trade, gaining 13.59% to $11.45.

Interested in more on Pandora? See TheStreet Ratings' report card for this stock.

--Written by Chris Ciaccia in New York

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