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Pandora (P) Stock Gains, Upgraded at Piper Jaffray

NEW YORK (TheStreet) -- Shares of Pandora (P) are climbing 4.51% to $13.66 in pre-market trading Wednesday as Piper Jaffray raised its rating on the stock to "overweight" from "neutral," MarketWatch reports.

The firm also upped its price target to $18 from $12 on shares of the Oakland, CA-based music streaming service.

The higher rating reflects optimism about the possible outcome of music label negotiations and improving margins across its radio business, Piper Jaffray said.

Additionally, the upgrade also reflects the upcoming release of a new on-demand...