Richard Tullo, an analyst at Albert Fried, has a solid track record on Pandora (P - Get Report). 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 - Get Report) bought Songza. I agree with everything Rich says here, particularly the first bullet point that recent upside in Pandora stock results from takeover speculation:
I don't usually regurgitate what analysts say. Like you, I don't trust most of them as far as I could throw them. However, Tullo knows his stuff, particularly on Pandora.
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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