Shares of Pandora Media (P) just couldn’t stop bleeding Monday, and the stock is now down 28% just in November.
With its 5.5% slide Monday, Pandora Charms Clearance stock is now down 60% this year to $5.28.
Yet even analysts who are not so hot on the stock see upside. J. P. Morgan analysts on Monday lowered their rating to neutral from overweight, and dropped their price target to $9 from $14. But that implies 70% upside. Last Friday, B. Riley FBR cut Pandora Charms Clearance to neutral and slashed its price target to $8 from $11. Canaccord Genuity lowered its price target to $11 from $14, saying the company’s transition "will likely keep a lid on the stock for now," there is value in Pandora’s large, engaged listener base." However, to recommend buying the stock, Canaccord wants to see signs of stable growth.
Where those signs of growth will come from is not clear; podcasts and the spoken word are possible new forms of content, CEO Roger Lynch says. Pandora Charms Clearance had 81 million active listeners at the end of 2016, but that’s fallen to 73.7 million and teens are fleeing, according to a recent survey by Piper Jaffray. Teenagers were 8% of Pandora’s listenership, down from 14%.
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