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Actionable news in P: PANDORA MEDIA Inc,

Why This Analyst Still Thinks Pandora Is a Huge Buy

Pandora Media Inc. (NYSE: P) reported its third-quarter financial results after the markets closed on Thursday, and investors had an incredibly negative reaction to it, with shares down nearly a third. However amid this negative sentiment from investors and the price target cuts from analysts, one key analyst has taken a contrarian position and still sees significant upside from this online streamer.

The company had a net loss of $0.40 per share on $311.6 million in revenue, which compares to Thomson Reuters consensus estimates of $0.10 in earnings per share (EPS) on revenue of $312.97 million. In the same period of the previous year, Pandora posted EPS of $0.09 and $239.59 million in revenue.

Canaccord Genuity maintained its Buy rating but lowered its price target to $24 from $26, implying an upside of 80% from the current price level. Also the firm lowered its revenue and EPS estimates to reflect slower listener growth and slightly more marketing spend. The full year 2015 and...