Instinet initiates coverage of Pandora with neutral rating, Spotify with buy rating [MarketWatch]
PANDORA MEDIA (P)
Last pandora media earnings: 7/31 04:01 pm
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Source: MarketWatch
Instinet initiates coverage of Pandora with neutral rating, Spotify with buy rating Instinet analyst Mark Kelley initiated coverage of Pandora Media Inc. P, -1.29% and Spotify Technology SA SPOT, -0.82% on Wednesday, starting Pandora with a neutral rating and labeling Spotify a buy. He's more cautious on Pandora than Spotify given the company's late entry to the on-demand streaming market and the competitive nature of the business. He is, however, upbeat that Pandora's recent acquisition of ad-tech company AdsWizz could help the company benefit more generally from growth in audio. As for Spotify, Kelley sees the company as well positioned to negotiate favorable terms with the labels due to its role in "driving a music-industry recovery." Kelley has a $210 price target on Spotify's stock and an $8 price target on Pandora's stock. Spotify shares have gained 21% over the past three months, while Pandora shares have climbed 57% and the S&P 500 SPX, -0.51% has risen 5.7%.
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