The Internet radio company announced on Monday that Westergren will replace Brian McAndrews as CEO effective immediately. Westergren is the founder of Pandora.
Additionally, Pandora appointed Mike Herring to serve as CFO and Sara Clemens to serve as COO.
Pandora's new CEO has a deeper connection to the company and may be able to "better guide the culture and evolution" of the company, BMO Capital Markets said in a note today.
"It does not change our view that Pandora remains a 'wait and see' stock," the firm said. "If the new strategy is successful, there could be material upside in 2017; however, there could also be further downside as the new strategy is yet unproven, the core streaming business faces continued competition, and the long-term margin profile remains uncertain."
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "sell" with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share.
You can view the full analysis from the report here: P