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Pandora (P) Stock Downgraded at Pacific Crest

NEW YORK (TheStreet) -- Shares of Pandora (P) closed up by 2.33% to $12.28 on Friday, despite Pacific Crest downgrading the stock to "underweight" from "sector weight" this morning.

Pacific Crest analysts noted that the stock's operating leverage has deteriorated and that there's little likelihood that the company will produce meaningful profits in on-demand.

Liberty Media (LMCA) is reportedly in talks to purchase the Oakland, CA-based music streaming service, but Pacific Crest doesn't believe it's likely to happen due to Pandora's current valuation.

"Pandora is burning a significant amount of cash and the challenges to its business model do not appear...