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Pandora is Up Big Friday- Watch the Chatter Live (P)

3947044969_42cdc793aa_bShares of Pandora (NYSE: P) are up 7 percent in midday trading Friday. The move comes from a Goldman Sachs (NYSE: GS) upgrade.

Heath Terry upgraded Pandora to “Buy” from “Neutral” and raised his price target to $27.00 from $18.00.

“We are upgrading Pandora to Buy from Neutral with a $27, 12-month price target, 36% upside from current levels. We are encouraged by three quarters of accelerating mobile ad RPM and subscription revenue growth, and believe competition concerns are at least adequately understood. Our scenario analysis suggests considerable upside to consensus estimates as local advertisers become increasingly comfortable online, Pandora’s sales investments show leverage, and integration into radio ad buying platforms drive long-term growth. With P trading at a discount to the group relative to its growth rate, we believe the risk/reward in owning P is favorable.”

 

Watch live as traders weigh in.

 

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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