Earlier this month, PANDORA made a deal with investment firm KKR for $150 million influx.Terms of the investment have it closing in no less than 30 days.
GOLDMAN SACHS analyst HEATH TERRY has set a price target of $16 despite the highly competitive streaming music market.
“Given the high level of shareholder involvement and what we see as significant strategic value in PANDORA’s user base, advertising inventory, data, and home screen position, we believe the likelihood of strategic action remains high,” wrote TERRY to potential investors.
PANDORA reported 1.3 million trials of its on-demand products in the first quarter and a 6% uptick in revenue, to $316 million. Still, active listeners were 76.7 million, down from 79.4 million in the year-ago period.