JP Morgan’s Doug Anmuth weighed in with his take, rating Pandora as “overweight.” That’s not exactly a straight buy suggestion. But Anmuth, Reuters reports, sent a note to investors pointing to the possibilities of Pandora bringing in significant money from mobile advertising as more people sign onto the online radio service using mobile applications.
Wells Fargo Securities' Jason Maynard rated the company an "outperform". Since Pandora represents only 3.6 percent of all radio listener hours, the company has huge room for growth, Maynard wrote, according to the Reuters report.
Other analysts have been less bullish on Pandora, pointing out that as the company adds new listeners, it has to pay more in royalties for music. They expressed doubts that the company’s advertising model could make enough to keep up with royalty costs.
GreenCrest Capital, which covers private companies, set a target stock price of $7 per share when Pandora went public. The gap between that target and the first-day stock price had some speculating that Pandora would be another in the recent string of public success stories.
But the stock has underperformed since then. For example, today at midday, Pandora shares traded at $17.81, down .22 cents on the day.
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