If you don’t think investors are salivating over SiriusXM’s planned merger acquisition of Pandora Media, think again.
Pandora shares twice in September surged past $9.50 a share, and in early after-hours trading on Wednesday all signs indicate that the streaming audio company is on its way to match or beat those year-to-date peaks.
After closing with a 25-cent gain to $8.50, Pandora as of 4:26pm Eastern was up an additional 11 cents, to $8.61.
That’s the third-highest trading price for “P” seen in 2018, and marks a substantial improvement from the February 19 closing price of $4.31.
Still, Pandora shares haven’t closed above $10 a share in 18 months, and in February 2014 were priced at more than $37 a share.
Pandora’s current 1-year target estimate is $9.48. It could very well be achievable, based on SiriusXM’s move.