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Pandora Pops: What Wall Street Is Saying (Update 1)


Wedbush analyst Michael Pachter (Neutral, $33 PT)

"Our price target is based on a $100 value per active user, reflecting Pandora's accelerated growth from its shift to local ads and higher ad frequency. The company is finally
beginning to show operating leverage through stronger control of content costs and SG&A spending, and is positioned to deliver outsized earnings in the near future."

Wells Fargo analyst Peter Stabler (Outperform, $35 - $37 PT)

"We remain convinced that Pandora's local market audience scale is driving the audio ad ramp. (Longer term, we're confident pricing power will emerge by virtue of superior targeting). Personally, we believe Triton Digital data is superior to current Arbitron measurement. But we know that some buyers still balk at the idea of separate data sources. Thus
we're encouraged by the closure of the Nielsen/Arbitron deal and expect measurement of Pandora by Nielsen Audio to occur sometime during 2014. While we don't expect this to bring any sort of inflection point to ad revenue growth, we believe it should finally quell hold-out data critics and dampen negative selling tactics of terrestrial radio competitors."

JPMorgan analyst Doug Anmuth (Overweight, $35 PT)

"Pandora posted solid 3QFY14 results driven by continued strong increases in mobile monetization and 680bps of Y/Y leverage in content acquisition costs. We continue to believe Pandora is approaching an inflection point in monetization driven by its 8% share of radio time, buy-side platform integration, and expanding salesforce."

Shares of Pandora were up 2.3% Friday to $30.38.

--Written by Chris Ciaccia in New York

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