Boston, MA 10/17/2013 (wallstreetpr) – Where is Apple with iTunes Radio? It now seems Pandora Media Inc (NYSE:P) is one of the most unpredictable companies and stocks in the New York Stock Exchange. When Apple Inc launched its iTune Radio, it stole the limelight from Pandora with such a big thunder that analysts started to prepare the obituary template for Pandora. But it now seems Pandora is taking the beating lying down, at least going by the change of tone among analysts.
Both Apple Inc and Pandora offer free but ad-supported internet radio. Pandora has been the front runner in this market, but Apple Inc made a surprise entry and it threatened to accelerate the exit of Pandora from the market with its heavy financial muscles. And just over a week ago, Apple Inc announced that it was rolling out its iRadio service to more countries than those already in Pandora’s coverage. That announcement ate away investor confidence in Pandora stocks and a downward trended was registered at the exchange market.
However, that impact seem to have been short-lived as Pandora has bounced back, this time with strong backing of equities researchers who have raise their optimism in the stock. The most recent analysts’ sentiment on Pandora is from Pacific Crest in a research note to investors Thursday, October 17. The rating firm has raised its price objective on the stock from $24 in a previous comment to $32 in the latest report. This indicates a potential surge on the stock of more than 19.85% in relation to the stocks current price. The firm has also issued an “outperform” rating on the stock.
A host of other rating agencies have also lately issued positive sounding comments on the stock. For example, Cowen and Company has an “outperform” rating on the stock at a price target of $29, having just raised it from $23.
In overall, analysts expect Pandora to hit a consensus average of $21.68 in share value. And at least 16 analysts have commented a “buy” rating on the stock. What this means is that Pandora’s subscriber base looks intact and that Apple Inc will most likely not spell doom for its market fortunes.
