Shares of Pandora Media (P) are up $2.54, or 16%, at $18.54, having given up more than half the bounce they experienced during the earlier part of the session, when the stock rose as high as $26 after pricing last night at $16.
No need to wait for the underwriters to chase the stock: Maxim Group’s John Tinker has a note initiating coverage this morning, with a Buy rating and a $23 price target.
“Pandora only has 3% of all radio listening – suggesting a lot of runway,” writes Tinker, and he thinks the company will increase share by producing a better advertising product: “Advertisers appreciate the service, as display ads can be offered in an immersive experience where listeners actively participate.” Most of the business is based on ads, while only 2.4% of users actually pay Pandora the $36-per-year subscription, he notes.
No need to wait for the underwriters to chase the stock: Maxim Group’s John Tinker has a note initiating coverage this morning, with a Buy rating and a $23 price target.
“Pandora only has 3% of all radio listening – suggesting a lot of runway,” writes Tinker, and he thinks the company will increase share by producing a better advertising product: “Advertisers appreciate the service, as display ads can be offered in an immersive experience where listeners actively participate.” Most of the business is based on ads, while only 2.4% of users actually pay Pandora the $36-per-year subscription, he notes.
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