Pandora Panned By BofA, Credit Suisse Analysts
Pandora Media saw its shares fall 3.5%, to $12.38, on Monday, after Bank of America/Merrill Lynch downgraded the company’s stock rating from “neutral” to “underperform” and Credit Suisse Group AG issued a lower price target.
The downgrades come as Pandora promises to launch new tiered subscription options by the end of 2016. Unfortunately for Pandora, rivals Amazon and iHeartMedia have already revealed their plans for similar options, while Pandora remains silent ahead of its Q3 results release on Oct. 25.
Pandora shares are down from a recent high of $14.77 seen just nine days ago.