Pandora Increases IPO Share Price, Not Everyone Sold

In a sign of market confidence, music streaming company Pandora Media today increased the share price offering on its IPO to $10-$12 from $7 to $9. But not everyone is sold on Pandora’s stock—research firm BTIG issued a report recommending against buying into the company’s offering, citing Pandora’s weak financial outlook. The company should be valued between $4 and $6 per share, the report states. The hike makes Pandora’s mid-point market cap $2.134 billion, which BTIG values at 25x Pandora’s estimated full year EBITDA (profits, essentially) for 2015.