Pandora Stock Target Raised To $19
Pandora Media's price target was raised to $19 from $17 at Macquarie Research on Tuesday on the potential long-term benefit of its new 99-cent ad-free daily pass. The company's move to offer the daily pass could "eventually attract a large pool of users" by driving awareness and a niche base to its platform, and could diversify its revenue stream, said analyst Amy Yong. Pandora, which competes with the likes of Apple Music and Spotify, is the only major music platform that currently offers a daily pass. Spotify offered something previously, but it was eventually discontinued. Shares of Pandora were inactive in premarket trade. They have risen 10% over the last three months despite a 6.3% decline for the broader S&P 500.
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