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P

Pandora

$8.52

0.1 (1.19%)

, SIRI

SiriusXM

$5.20

-0.2 (-3.70%)

05:33
06/12/17
06/12
05:33
06/12/17
05:33

Pandora downgraded to Perform from Outperform at Oppenheimer

Oppenheimer analyst Jason Helfstein downgraded Pandora Media (P) to Perform citing a "failure" of his takeout thesis. The capital investment from SiriusXM (SIRI) and Ticketfly will allow Pandora to refocus on its core advertising business, which is the correct strategy, Helfstein tells investors in a research note. He sees share upside to "only" $9.50-$11.00 and removed his $14 price target on the stock. The analyst sees the fundamental turnaround taking time.

P

Pandora

$8.52

0.1 (1.19%)

SIRI

SiriusXM

$5.20

-0.2 (-3.70%)

P Pandora
$8.52

0.1 (1.19%)

05/19/17
MACQ
05/19/17
DOWNGRADE
Target $11
MACQ
Neutral
Pandora downgraded to Neutral from Outperform at Macquarie
Macquarie analyst Amy Yong downgraded Pandora (P) to Neutral from Outperform and trimmed her price target to $11 saying potential M&A is to "tough to call" and fundamentals are "choppy." Yong said Liberty SiriusXM (LSXMA) is expected to remain financially disciplined and opportunistic, and unlikely to pay a substantial premium for Pandora. The analyst believes Pandora could sell Ticketfly which would free up financial capacity and help management focus on the core business, but said if neither a sale or M&A materializes, its standalone strategy will be the focus. As a result, Yong trimmed Pandora ad and subscription estimates to reflect the increasingly competitive environment and said profitability remains a question.
05/19/17
05/19/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Macquarie analyst Amy Yong downgraded Pandora (P) to Neutral from Outperform and trimmed her price target to $11 saying potential M&A is to "tough to call" and fundamentals are "choppy." The analyst believes Pandora could sell Ticketfly which would free up financial capacity and help management focus on the core business, but said if neither a sale or M&A materializes, its standalone strategy will be the focus. 2. Wells Fargo analyst Jeff Farmer downgraded Bloomin' Brands (BLMN) to Market Perform saying Street estimates could prove aggressive due to labor costs while share repurchases are decelerating. 3. Deutsche Bank analyst Tiffany Kanaga downgraded The Buckle (BKE) to Sell, citing a lack of near-term support post the Q1 report and continued long-term concerns. 4. HSBC analyst Steve McGarry downgraded Shire (SHPG) to Reduce, saying that while the hereditary angioedema data are positive, investors should avoid the "hemophilia risk." 5. RBC Capital analyst Matthew Hedberg downgraded Symantec (SYMC) to Sector Perform from Outperform, citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/09/17
PIPR
06/09/17
NO CHANGE
PIPR
'Significant overhang' removed from Pandora shares, says Piper Jaffray
Piper Jaffray analyst Stan Meyers says the investment by SiriusXM (SIRI), while not a full takeout, "meaningfully" strengthens Pandora Media's (P) balance sheet, which he feels has been weighing on the shares. The deal announced this morning also brings a strategic partner that "can help grow Pandora in the car," Meyers tells investors in a research note. He believes the news removes a "significant overhang" on Pandora shares. The analyst keeps an Overweight rating on the name with an $18 price target.
06/09/17
EVER
06/09/17
NO CHANGE
EVER
In Line
Terms of Pandora deal look attractive for SiriusXM, says Evercore ISI
After Sirius XM (SIRI) announced an agreement to take the equivalent of a 16% stake in Pandora (P) via the purchase of $480M in Pandora preferred stock, Evercore ISI analyst Vijay Jayant said the terms are attractive to Sirius and he believes the investment makes financial and strategic sense. He does not see this deal limiting Sirius' ability to return capital to shareholders, adding that he continues to view Liberty SiriusXM (LSXMA) as "the best vehicle to get exposure" to Sirius shares. Jayant has an In Line rating on Sirius XM and an Outperform rating on Liberty SiriusXM.
SIRI SiriusXM
$5.20

-0.2 (-3.70%)

05/18/17
RHCO
05/18/17
NO CHANGE
RHCO
Pandora could be acquired for $12 per share, says SunTrust
After The New York Post reported that merger talks between Pandora (P) and Sirius XM (SIRI) have resumed, SunTrust analyst Matthew Thornton says that Pandora can be acquired for a per share price of "$9+-$12+." He thinks that other suitors besides Sirius could include Tencent (TCEHY), Spotify, and Google (GOOG,GOOGL) However, the analyst adds that Pandora's new features have not impacted the company's fundamentals significantly, while the launch of its new products has been delayed. He cut his price target on the shares to $10.50 from $16 but kept a Buy rating on the stock.
06/08/17
MSCO
06/08/17
NO CHANGE
MSCO
Morgan Stanley makes "big" cuts to US Auto Sales forecasts
Morgan Stanley analyst Adam Jonas made "big" cuts to his US auto industry sales forecast, reducing his 2017 US SAAR forecast to 17.3M units from 18.3M units, 2018 to 16.4M units from 18.9M units, 2019 to 15M units from 19.2M units, and 2020 to 15M units from 18.7M units. Jonas believes the auto cycle may be hitting a point of diminishing returns following 8 years into the biggest cycle on record as used car values erode, pressuring conditions for selling new vehicles, and said new vehicle inventory levels continue to rise. Additionally, the analyst expects electrical margins to face increasing competition from new entrants and higher development costs. As a result, Jonas cut estimates across the board and downgraded Lear (LEA) to Underweight from Equal Weight.

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