Ahead of today's expected Copyright Royalty Board's decision, Piper Jaffray analyst James Marsh says he expects the rate to be settled around 16c. Pandora's current rate per 100 songs is 14c. Pandora is proposing that based on direct label deals, the new rates for the 2016-2020 time frame should be 11c-13c, while SoundExchange thinks the rates should be in the 25c-29c range, Marsh tells investors in a research note. The analyst views the CRB resolution as less of a catalyst than he had hoped for six months ago, but points out rate certainty is a plus for Pandora's core streaming business. He keeps a Neutral rating on the stock with a $17 price target.