Pandora

Pandora Media Inc (P) Earnings: Expect In Line 2Q Revenues

While the 40-hour mobile listening cap and skipping limits resulted in softer listening hours growth in 2Q, this was largely intentional and should result in lower content costs though immaterial revenue impact (given excess mobile ad inventory), and hence should drive EBITDA upside. Raymond James maintain their Outperform rating and positive fundamental outlook on Pandora Media Inc (NYSE:P) given firm's expectation for continued market share gains and increasing mobile monetization and operating margin expansion.

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