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Fly News Breaks for February 10, 2016
P
Feb 10, 2016 | 06:19 EDT
Cowen analyst John Blackledge downgraded Pandora to Market Perform to reflect lower ad loads. The analyst said recent acquisition of Ticketfly and Rdio in Q4 indicate Pandora is diversifying its revenue stream and suggests challenges in the core business. Blackledge materially lowered 2017-2021 estimates mainly due to lower ad load forecasts given rising competition and cut his price target on Pandora shares to $9 from $21.
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