Publicly traded Internet radio service Pandora will report 3rd-quarter earnings next Thursday, November 21. But the company and its stock are benefiting from analyst anticipation of quarterly results. Investment house Needham & Company raised its target stock price for P from $25 to $33, which was certainly a driver of yesterday’s four-percent trading jump, with more gains in progress today.
We don’t normally report on daily stock movements, but this spike represents a milestone of market capitalization. Pandora is now valued at just over five-billion dollars in the public market for the first time, as it trades into all-time highs.
An article in the December 2 issues of Forbes notes that mobile ad sales of more than $100-million for the third quarter makes Pandora third in mobile ad revenue behind Google and Facebook.