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Why Pandora (P) Stock Is Up Today

NEW YORK (TheStreet) -- Shares of Pandora Media (P - Get Report) were gaining 10.33% to $13.67 on Monday following an upgrade from analyst firm Macquarie.

Macquarie upgraded Pandora to "outperform" in a note to investors, according to StreetInsider.com. The analyst firm set a price target of $19 for the music streaming company.

Analyst Amy Wong said that Pandora's "bear/bull case is now too asymmetrical to ignore," despite the company's announcement that it its total number of active listeners fell 3% quarter to quarter in the third quarter due to the launch of Apple's (AAPL) Apple Music.

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Wong said the Pandora upgrade is on the basis of Apple's ad blitz not resulting in long-term market share gains, and recent marketing increases from competitors like Spotify are only short term. The analyst also based the upgrade on the possibility that listeners like the company's new products...


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