By: Rocco Pendola | 07/02/14 - 11:20 AM EDT
Richard Tullo, an analyst at Albert Fried, has a solid track record on Pandora (P). With a little variation, it pretty much mirrors mine. Bullish when everybody else was bearish, which means we rode the move from the teens into the $30s. And then, as "everybody" jumped on the bandwagon around $35-$40, we hopped off as the stock dove into the low-to-mid $20s.
Tullo is out with a research note this morning, where he reiterates his $20 price target for P, and reacts to the news that Google (GOOG) bought Songza. I agree with everything Rich says here, particularly the first bullet point that recent upside in Pandora stock results from takeover speculation:
Of course, Pandora executives will blow all of this off as poppycock because nothing that happens around Pandora means anything to Pandora.
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