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Fly News Breaks for July 22, 2016
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Jul 22, 2016 | 07:27 EDT
Pacific Crest analyst Andy Hargreaves downgraded Pandora Media to Underweight saying the company's core operating leverage has deteriorated while he sees "little prospect for meaningful profits in on-demand." A takeover is not likely at current valuation levels, Hargreaves tells investors in a post-earnings research note. The analyst believes $6 is a fair 12-month valuation for the shares. In pre-market trading, the streaming music service is down 10%, or $1.15, to $10.85.
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