Pandora Media started at underweight with $6 stock price target at Cascend Securities

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Pandora stock upgraded to buy at B. Riley after results beat expectations

Shares of Pandora Media Inc. are up 11.5% in premarket trading Friday after the company reported better-than-expected financial results the prior afternoon. B. Riley analyst Barton Crockett upgraded the stock to buy from hold after the results, arguing that shares are “worth a shot” due to some near-term prospects. “We see a number of meaningful business improvements imminently upon us that could inflect Pandora’s profile from fallen Internet star to reinvigorated programmatic audio/margin growth story under new management,” he wrote. Opportunities for growth include the introduction of family plans, which is due to take place this quarter. The plans are popular with users of rival services from Spotify Technology SA and Apple Inc. . Crockett also likes Pandora’s acquisition of programmatic ad-tech company AdsWizz, which should be completed this quarter. “AdsWizz is also a platform for multiple services, including iHeartRadio, Deezer (and for now, Spotify),” Crockett wrote. He raised his price target on the stock to $8 from $6. Pandora shares were down 46% over the past 12 months as of Thursday’s close, while the S&P 500 had gained 10%.

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