As previously reported, Morgan Stanley upgraded Pandora to Overweight from Equal Weight with a $15 price target. Analyst led by Benjamin Swinburne believe the core radio business is growing and profitable, and the industry has found a growth strategy with subscription on-demand. The analyst said Pandora is positioned to drive growth as a result of its leading market share and high engagement in its core radio business, that is worth approximately $11 per share today. Swinburne expects Pandora to negotiate access to on-demand or interactive music rights that will enable to make money and drive the core business' valuation up to $20 by 2020.