Pandora (P) Target Cut to $30 at SunTrust Robinson Humphrey Amid Mixed Q3

SunTrust Robinson Humphrey analyst Robert Peck lowered his price target on Pandora (NYSE: P) to $30.00 (from $34.00) following results but maintained a Buy rating.

Peck comments, "Mixed quarter with monetization (RPMs) and margins driving the beat and raise. Forward EBITDA and EPS should move higher. Slowing Active Users and the Q/Q dip in Listener Hours is a blemish and will get a lot of attention. However, the company has runway to increase monetization of its existing inventory (each user hour has a cost, thus to drive more hours without being able to monetize against those hours is not a good strategy) and thus time to address user growth. To this point, managment is turning attention to user growth with new marketing initiatives. We also note in-auto listening is a 10-year secular tailwind for listener hours and Int'l offers material opportunity to add users."

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 $23.12 yesterday.

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