Pandora (P) PT Lowered to $24 at Goldman Sachs; 'Buy' Maintained

Goldman Sachs analyst Heath Terry trimmed his price target on Pandora (NYSE: P) to $24.00 (from $25.00) following results Q3 results but maintained a Buy rating.

Q3 results were in-line but listener engagement slowed.

"We continue to believe that with nearly 90mn logged in mobile users and over 5bn hours of engagement, Pandora's value as a platform is underreflected in its 2X 2016E sales multiple. Therefore, we remain Buy-rated."

The firm lowers 2015-2017 revenue and adjusted EBITDA estimates by 1% and 20% on average to reflect the higher content acquisition costs associated with the settlement.

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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