The firm raised its price target to $19 from $17 on shares of the Oakland, CA-based music streaming service.
Goldman Sachs sees upside due to premium radio and on-demand subscriptions, according to TheFly.
Pandora's competition should lessen amid fewer new entrants and an increased focus on profitability by current providers, the firm added.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Pandora's weaknesses include 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
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 article's author.