NEW YORK (TheStreet) -- Pandora Media (P) rose Monday after SunTrust initiated coverage on the streaming radio service with a "buy" rating.
The firm set a $34 price target, which represents an approximately 34% upside from Friday's closing price of $25.31. SunTrust said in a research note it believes Pandora's risk/reward is currently attractive.
"We expect Pandora to remain the clear leader in Internet radio and initiate with a Buy rating based on: 1) $2B+ revenue potential driven by monetization, not predicated on user growth; 2) opportunity presented by the recent pullback in the shares; and 3) longer-term optionality given platform scale," the firm wrote in its note.
The stock was up 1.34% to $25.65 at 12:44 p.m. on Monday.