NEW YORK (
TheStreet) -- Shares of
(P) are rallying sharply on the back of an optimistic upgrade from Goldman Sachs.
TheStreet's Debra Borchardt and Chris Ciaccia give their thoughts on the ratings change.
The firm said it sees Pandora's ad revenues going up, and with it, the stock price should follow. Goldman put a $27 price target on the stock, with $40 as a possibility if the company hits all of its targets.
A lot of bears have been down on Pandora, citing
(AAPL) iRadio and
(GOOG) Play All-Access Music -- which Ciaccia said was a terrible name -- as "Pandora killers."
Ciaccia said at first he thought those companies were threats to Pandora, but after deeper research, he said the additional Internet radio players are compliments to Pandora.
Ciaccia added that he agrees with Goldman Sachs' bullish stance, with mobile ad companies such as
likely doing well for the rest of 2013.
He concluded that Internet radio was a huge market and that Pandora currently sits on top.
-- Written by Bret Kenwell in Petoskey, Mich.
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