The financial services firm resumed Pandora coverage, Wednesday, with an Overweight rating and a price target of $12.00. Things remain bleak for the music-streaming company and the infusion of cash from Sirius XM will not likely be a game changer, but will slow the bleeding and bolster the balance sheet.
Analyst Ben Swinburne says, “The Sirius/Liberty investment shores up the balance sheet, while Pandora and its new strategic investor refocus on the ad business and reassess the subscription business. The core radio business helps support a $12 share price or ~35% upside.”
Go HERE for an analyst ratings summary and ratings history on Pandora.