Pandora Media Rebounding: Pandora Media (NYSE:P) stock is one of the most volatile stocks on the New York Stock Exchange right now. After losing a substantial amount of value between fiscal 2014 to the end of 2017, Pandora shares rebounded sharply at the start of this year. Currently, Its stock is up almost 62% from three months ago. The fresh rally in this radio broadcasting stock gets it support from the rebound in its financial numbers.
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The company has topped revenue and earnings estimates for the first quarter by $15 million and $0.11 per share, respectively.
- Riley analyst Barton Crockett has upgraded the stock price target to $6, saying, “They see a number of meaningful business improvements imminently upon us that could inflect Pandora’s profile from fallen Internet star to reinvigorated programmatic audio/margin growth story under new management.”
Pandora Media Rebounding: First Quarter Numbers
Its revenue of $319.2 million jumped 12% year-over-year in the first quarter. Excluding ANZ & Ticketfly, its subscription revenue rose 63% year over year to $104.7 million.
“Music streaming and digital audio continue to see massive growth, and this quarter we took key steps to position Pandora to capture this significant opportunity,” said Roger Lynch, CEO of Pandora.
The stakes for the potential AdsWizz acquisitions are also high. The company expects AdsWizz acquisition will accelerate its ad tech capabilities – which will enhance its transition from the largest ad-supported digital audio publisher to the ad-supported digital audio platform.
Price Target Shows Limited Upside
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Although analysts and market pundits applauded Pandora Media’s performance and its recent activities to strengthen future fundamentals, the stock has already reached a price target set by analysts— a price target in the range of $6 to $8. Zacks Investment Research has now set a “sell” rating for Pandora stock once it reached the price target.
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