Pandora Media, Inc. shares fell 3.5% on Tuesday following Spotify Technology S.A.’s successful debut on the New York Stock Exchange. Spotify is the world’s leading music-streaming service with 71 million paying subscribers, which is about twice as many as its nearest competitor Apple Inc. . Pandora is the ninth largest service by subscribers, behind companies such as Amazon.com, Inc. and Alphabet Inc. While a better-funded Spotify is concerning, Pandora’s $145 million acquisition of AdsWizz should help take the pressure off of quarterly user trends, according to Raymond James analysts. The firm upgraded Pandora stock to a Strong Buy with a price target of $8.00 per share late last month, saying that the AdsWizz acquisition mirrors Google’s purchase of DoubleClick in creating a platform that brings publishers and advertisers together to monetize content. (See also: Can Apple, Amazon, Pandora Compete With Spotify?)
Pandora shares moved lower following Spotify’s debut, but traders will be watching these key levels ahead. …read more
Read more here: Where Are Pandora Shares Headed After Spotify’s Debut?
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