Shares of Pandora Media (P) were lower by 1.17% to $8.45 on Monday, following a rating downgrade to "perform" from "outperform" at Oppenheimer.
The firm removed its price target of $14 on the music streaming service's stock as it believes the company's turnaround is going to take time.
Oppenheimer spoke with Pandora's management and believes the company will be able to refocus its efforts onto its core advertising business. However, Oppenheimer does see this transition period as being time consuming.
Oppenheimer says management needs to find more experienced operating managers and fix its in-car integration.
What's Hot on TheStreet
Apple and all of tech remains in focus: European tech shares such as SAP SE (SAP - Get Report) , Infineon Technologies AG (IFNNY) and ASML NV (ASML - Get Report) fell sharply on Monday after last week's late Nasdaq rout. Not helping matters was a rare downgrade on Apple (AAPL - Get Report) on Sunday on fears the stock may be too richly valued.
Walmart is under siege from a German rival: Aldi is coming after Walmart's (WMT - Get Report) grocery market share, as the German discount retailer says it will invest $3.4 billion to expand its U.S. presence. The privately-held German grocery store said it plans to increase its store base to 2,500 by 2022. Aldi currently operates 1,600 U.S. stores.
GE's CEO is stepping aside: Industrial conglomerate General Electric (GE - Get Report) said Jeffrey Immelt, chairman and CEO, plans to step down. Immelt has been with GE since 1982 and has served as chairman and CEO since September 2001. John Flannery, the current president and CEO of GE Healthcare, was named chairman and CEO. He will become CEO effective Aug. 1, and also take over the chairman role effective Jan. 1, 2018, a day after Immelt officially retires.
TheStreet reported last week that General Electric may sell additional businesses as investor Trian Partners pressured Immelt to meet aggressive performance targets.
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