Pandora's large user base has provided the company with room to grow its share of advertising, Morgan Stanley contends.
The personalized playlist will update on the chilliest day of every week - Sunday, of course.
Tim Westergren founded Pandora 17 years ago.
The company recently hired advisers to explore a direct listing on the NYSE.
Pandora is caught between a rock and hard place. It needs money, and fast.
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