Pandora (P) 3Q Hit by Apple (AAPL) Music Launch; FBR Capital Cuts Price Target to $10

FBR Capital maintained an Underperform rating on Pandora (NYSE: P), and cut the price target to $10.00 (from $11.00), as Apple's (NASDAQ: AAPL) Music launch negatively effected 3Q results. Pandora sees this as a temporary phenomenon that will fade as the launch push for Apple Music goes away.

Analyst Barton Crockett commented, "We expected a modest impact from the Apple Music launch, but it turned out to be more fundamentally challenging than we thought, prompting us to take our price target down by $1.00, to $10.00, and to retain our Underperform rating."

For an analyst ratings summary and ratings history on Pandora click here. For more ratings news on Pandora click here.

Shares of Pandora closed at $19.19 yesterday.

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