Following Q1 results for Pandora (P), Canaccord Genuity e-commerce analyst Michael Graham said:
“Pandora reported a solid quarter that we believe brushed aside some of the worst fears about the company’s business model following its lackluster performance during Q4/F12”
He added, “We view the Triton announcement as an important step in penetrating the radio advertising market and believe the system integrations necessary to provide a seamless ad buying experience to advertisers will occur by the end of the year. However, we don’t expect revenue from this initiative to have a noticeable impact on revenue this year.”
Mr. Graham maintained his HOLD rating and $13 price target on the company.