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UPDATE: FBR Downgrades Pandora

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Courtesy of Benzinga.

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Shares of Pandora Media Inc (NYSE: P) are trending lower following negative coverage from FBR analysts. Tuesday morning, Barton Crockett downgraded shares of Pandora from Market Perform to Underperform and lowered the price target from $28 to $11.

Crockett finds potential risk in the “debilitating cost structures” emerging from Copyright Royalty Board setting 2016–2020 royalty rates.

In addition, Crockett views Apple iTunes radio as meaningful precedent. Apple has minimum guarantee of 45 percent of revenue. Crockett feels 45 percent minimum would be an issue for Pandora in the long-term.

Shares of Pandora Media recently traded at $18.56, down 6 percent.

Latest Ratings for P

Date Firm Action From To
Nov 2014 FBR Capital Downgrades Market Perform Underperform
Oct 2014 Albert Fried & Co. Downgrades Market Perform Underweight
Oct 2014 Susquehanna Downgrades Positive Neutral

View More Analyst Ratings for P
View the Latest Analyst Ratings

Posted-In: Barton Crockett FBR CapitalAnalyst Color Downgrades Price Target Analyst Ratings

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