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P

Pandora

$8.20

-0.32 (-3.76%)

, LMCA

Liberty Media

10:40
06/12/17
06/12
10:40
06/12/17
10:40

Battleground: Analysts clash on Pandora after sale opportunity missed

Two research firms disagreed on the outlook for Pandora (P) after the music streaming company agreed to accept an investment from SiriusXM (SIRI) and sold its Ticketfly unit. Oppenheimer downgraded the stock to Perform from Outperform, noting that a near-term takeover of Pandora is now off the table. Under the deal, Sirius is prohibited from buying additional Pandora stock for 18 months. However, FBR Capital, which upgraded the stock to Outperform, believes that the shares "look enticing," given low investor expectations and the strengths that SiriusXM and its controlling shareholder, John Malone's Liberty Media (LMCA), bring to Pandora. BEARISH TAKE: Oppenheimer analyst Jason Helfstein says that the deals will help Pandora by increasing its focus on its core advertising business. He thinks that this development is positive, as competition in the ad market is less intense than in the premium-subscription market, while there is significant untapped demand for digital audio ads. However, Helfstein says that Sirius' investment "obviously ends any takeover speculation." Additionally, Pandora will have to undergo a transition period as it improves its ad technology, hires more effective employees, and improves the technology of its in-car offerings, the analyst warned. BULLISH TAKE: Sirius and its controlling shareholder, John Malone's Liberty Media, have strengths in the same areas in which Pandora has the biggest weaknesses, wrote FBR Capital analyst Barton Crockett. These areas are capital allocation, cost controls and deal making, the analyst stated. After the deal with Sirius, it appears that Pandora will have little choice but to carry out Sirius' orders, the analyst stated. Sirius may hire new management, and "no one...is better positioned to recruit quality talent." Additionally, Sirius' optimism about Pandora's outlook could make other investors more upbeat on the shares, according to Crockett. The stock offers an "appealing" risk/reward ratio following its decline, added the analyst, who nonetheless cut his price target on the name to $11 from $14. WHAT'S NOTABLE: Over the weekend, the New York Post reported that Pandora and Keith Meister of activist fund Corvex Management "bungled" a chance to sell the company for $15 per share. "Pandora had no leverage. [SiriusXM chairman Greg] Maffei played his hand perfectly," one shareholder told the Post. PRICE ACTION: In morning trading, Pandora fell 3.3% to $8.24.

P

Pandora

$8.20

-0.32 (-3.76%)

LMCA

Liberty Media

SIRI

SiriusXM

$5.20

-0.2 (-3.70%)

P Pandora
$8.20

-0.32 (-3.76%)

06/12/17
06/12/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Pandora (P) upgraded to Outperform from Market Perform at FBR Capital with analyst Barton Crockett saying he believes the setup for Pandora "looks enticing" given low investor expectations and the presence of John Malone following the investment by SiriusXM (SIRI). 2. Swift Transportation (SWFT) upgraded to Overweight from Equal Weight at Stephens. 3. Vodafone (VOD) upgraded to Buy from Hold at Argus with analyst John Eade saying he expects it profits to rise over the longer term. 4. Ultra Petroleum (UPL) upgraded to Buy from Hold at Stifel with analyst Michael Scialla saying the company's reorganization has improved its balance sheet and margins, while leaving it "ready to compete." 5. CACI (CACI) upgraded to Outperform from Market Perform at Cowen with analyst Cai von Rumohr citing its 2018 acceleration with strong bookings, the sector upturn, and a favorable risk/reward with support from its near peer-high cash flow yield. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/12/17
RHCO
06/12/17
NO CHANGE
RHCO
Deal/news has mixed implications for Pandora, says SunTrust
After Pandora (P) announced a $480M investment by Sirius (SIRI), SunTrust analyst Matthew Thornton says that Sirius' presence on Pandora's board will have a positive impact on the latter company. He adds that the new capital should enable Pandora to increase its investments in key areas, However, on the negative side, he notes that Pandora wasn;t sold, while the reported $8 per share offer for Pandora by Sirius, if true, is "unsettling." Additionally, the analyst thinks that a number of Pandora's top shareholders could exit the stock in the wake of the news. However, he keeps a $10.50 per share price target and a Buy rating on Pandora.
06/12/17
FBRC
06/12/17
UPGRADE
Target $11
FBRC
Outperform
Pandora upgraded to Outperform from Market Perform at FBR Capital
FBR Capital analyst Barton Crockett upgraded Pandora Media (P) to Outperform but lowered his price target for the shares to $11 from $14. Oppenheimer this morning downgraded the shares to Perform. Crockett believes the setup for Pandora "looks enticing" given low investor expectations and the presence of John Malone following the investment by SiriusXM (SIRI).
06/12/17
06/12/17
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. Apple (AAPL) downgraded to Neutral from Buy at Mizuho with analyst Abhey Lamba saying "Enthusiasm" around the upcoming iPhone launch is fully priced in after the stock's year-to-date outperformance. 2. Adobe (ADBE) downgraded to Sell from Hold at Pivotal Research with analyst Brian Wieser citing valuation. 3. Pandora (P) downgraded to Perform from Outperform at Oppenheimer with analyst Jason Helfstein 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. 4. Vantiv (VNTV) downgraded to Sector Weight from Overweight at Pacific Crest with analyst Josh Beck saying "continued retail challenges" could limit fundamental upside. 5. Sanderson Farms (SAFM) downgraded to Sector Weight from Overweight at KeyBanc with analyst Brett Andress 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.
LMCA Liberty Media

03/27/17
SBSH
03/27/17
INITIATION
Target $25
SBSH
Buy
WWE initiated with a Buy at Citi
Citi analyst Jason Bazinet started WWE (WWE) with a Buy rating and $25 price target. WWE's transition to a web-based subscription model should result in better growth through 2020 and increases the company's strategic value to likely suitors, such as 21st Century Fox (FOXA), Comcast (CMCSA) and Formula One (LMCA), the analyst contends.
03/22/17
PIPR
03/22/17
NO CHANGE
Target $18
PIPR
Overweight
Piper says survey supports positive view of Pandora shares
Piper Jaffray analyst Stan Meyers continues to believe that Liberty Media (LMCA) and SiriusXM (SIRI) remain a potential buyer of Pandora Media (P) with the price likely dependent on the success of Pandora's new Premium and Plus offerings. The analyst conducted a second survey of Pandora users and found that demand from current listeners for the Pandora Premium remained largely unchanged at 15% while interest in Pandora Plus declined from 28% to 14%. The survey shows "meaningful pent-up demand" for Pandora's new offerings, Meyers tells investors in a research note. He believes this supports his positive view on the shares. Meyers has an Overweight rating on Pandora with an $18 price target.
01/17/17
FBRC
01/17/17
DOWNGRADE
Target $29
FBRC
Market Perform
Liberty Media downgraded to Market Perform from Outperform at FBR Capital
FBR Capital analyst Barton Crockett downgraded Liberty Media to Market Perform and raised its price target to $29 from $25. The analyst raised estimates to account for the Formula One business that Liberty is poised to acquire this week but said shares are up 44% from the reference price at the time of the transaction on September 7, 2016.
01/09/17
SBSH
01/09/17
DOWNGRADE
Target $32
SBSH
Neutral
Liberty Media downgraded to Neutral from Buy at Citi
Citi analyst Jason Bazinet downgraded Liberty Media Group to Neutral citing some near-term risks around the Formula One deal. The circuit could shrink in 2017 and again in 2019, while F1 owners' willingness to sell their Liberty Media equity privately at 20% below the prevailing public price is troubling, Bazinet tells investors in a research note. He keeps a $32 price target for the shares.
SIRI SiriusXM
$5.20

-0.2 (-3.70%)

06/12/17
OPCO
06/12/17
DOWNGRADE
OPCO
Perform
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.
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.

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