CRT Capital upgraded Pandora to Buy and increased its price target to $22 from $16 based on a more constructive view of potential CRB outcomes. The firm continues to view SX's proposal to the CRB rate court as flawed but said an hours cap would limit potential loses at Pandora and sees a worst-case valuation at $9 per share. In comparison, Pandora's proposed performance royalty rates would increase profitability and drives a bull case valuation of $36 per share. CRT sees additional upside from mobile programmatic advertising, intentional expansion, and new revenue streams and views risk reward as favorable.