Pandora (P) PT Lowered to $12 at Stifel

Stifel lowered its price target on Pandora (NYSE: P) to $12.00 (from $14.00) while maintaining a Buy rating.

Analyst John Egbert remains positive on the company but has reservations regarding what he sees a more modest NT growth outlook. He remains constructive on the decision by management to focus on building out custom playlists for the on-demand offering noting that he believes it will demonstrate a more flexible approach to product development than prior management's radio-dominated strategy.

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