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Fly News Breaks for December 17, 2015
P
Dec 17, 2015 | 06:42 EDT
Albert Fried analyst Rich Tullo upgraded Pandora to Overweight and increased his price target to $20 from $11 on shares. Tullo said the CRB rate decision was much better than expected, but more importantly, the rate escalation will increase at the rate of inflation, a major improvement over the prior rate card escalation of 8% annual CAGR. The analyst raised his 2016 revenue estimate to $1.35B from $1.28B and cut Pandora's content cost expense estimate to $700M from $746M.
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