San Francisco (MarketWatch) - Several brokers, analysts ensured that the IPO of Pandora Media, Inc. on Monday began coverage of brands streaming music companies for its high growth potential, but another said Pandora's shares already have a full appreciation. Ralph Schackart, William Blair, Doug Anmuth Mark Mahaney JP Morgan and Citigroup, for all grades or better to buy a Pandora P -1.22% in stock. Anmuth also set a target of $ 22 per share, while Mahaney goal is $ 25 per share. Pandora was the IPO of June 15, debuted at $ 16 per share and will increase by as much as 45% during the first trading day. In stock rose 22 cents to $ 18.25 Monday. Analysts of all the dominant presence of the aforementioned Pandora online radio on the market, even though they represent only a fraction of the total share of U.S. radio listening hours, September 1 inventory of view.
Anmuth JP Morgan said Pandora has about 60% of American radio listening hours on the Internet, but so far only about 4% of the total market for country radio listening. One of the keys to Pandora, he added, the growth of mobile devices, in accordance with market development of mobile advertising. "There is a significant opportunity for Pandora to improve the monetization of their viewing time," Anmuth wrote in a research note. "Mobile advertising is at a very early stage of development, [and] Pandora's monetization of one hour of mobile listening is well below the level of monetization is clear from the Internet. " Mahaney of Citigroup said he does not expect to Pandora to start making profits until 2014, but maintains its $ 25-A-share target is reasonable based on the analysis of factors such as flow the company and discounted cash rate long-term growth.
While most brokers think Pandora's stock has little room to grow, Stifel Nicolaus analyst put Jordan Rohan a neutral rating and tied his price target of $ 18 per share. Rohan said content costs of worms, which represent 57% of turnover is increasing, with increased use of services of worms.
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