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Friday, June 17, 2011

Greenfield rips Pandora

RICH RIPS PANDORA: Yesterday, in their second day of trading, Pandora shares plunged in the final hour following a negative report from Richard Greenfield of BTIG, who slapped a "sell" rating on the stock and set his target price at $5.50. "We believe Pandora's share price is overvalued based not only on our forecasted earnings trajectory, but also due to significant competitive risks," Greenfield wrote. Pandora stock closed 25% below Wednesday's offering price of $16 to $13.26. (6/17a)

 
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