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P

Pandora

, SIRI

SiriusXM

09:22
06/23/17
06/23
09:22
06/23/17
09:22

Pandora selloff since SiriusXM investment overdone, says JPMorgan

JPMorgan analyst Doug Anmuth acknowledged that his Overweight rating on Pandora (P) shares "has been wrong" so far. He lowered his 2018 EBITDA forecast and cut his price target on the shares to $14 from $18. However, he believes Pandora now has a strong strategic partner in SiriusXM (SIRI) and expects its operational focus to shift back to the ad-supported digital radio market. He keeps an Overweight rating on the stock and believes the 7% drop since the news of Sirius' investment has been overdone.

P

Pandora

SIRI

SiriusXM

  • 28

    Jun

P Pandora

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
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
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.
06/21/17
GABE
06/21/17
INITIATION
Target $12
GABE
Buy
Pandora initiated with a Buy at Gabelli
Gabelli analyst John Tinker initiated Pandora with a Buy and a $12 price target.
SIRI SiriusXM

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.
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.
06/12/17
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).

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