Barrington Research Sees Mobile Revenue Category Surging for Pandora Media

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In a report published Tuesday, Barrington Research analyst James C. Goss reiterated an Outperform rating and $41.00 price target on
Pandora MediaP
. In the report, Barrington Research noted, “The potential for mobile advertising is huge and is now emerging in earnest. Pandora ranks behind only Google, Facebook, and Twitter in mobile ad share, and the category is now surging to a share of domestic ad spending in excess of such traditional categories as newspapers, radio and magazine, and along with Internet advertising, is exceeding all but broadcasting and cable. Pandora has grown its usage metrics that position it well to take advantage of this opportunity. In the quarter just reported, Pandora generated $166 million of mobile ad dollars, representing 76% of the $219 million total in the period, continuing to approach the 83% share of hours consumed as mobile RPMs near the desktop RPM levels.” Pandora Media closed on Monday at $25.09.
Posted In: Analyst ColorReiterationAnalyst RatingsBarrington ResearchJames C. Goss
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