Pandora Media (fka P)

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11:37 ET - Citigroup is singing Pandora's (P) praises. The bank starts coverage of the internet-radio company at buy rating with a $16 price target, nearly double current levels of $8.26. Citi offers three reasons to be upbeat on the stock. First, it thinks earnings should surprise to the upside as estimates don't factor in any revenue generated from P's forthcoming subscription, on-demand service. Second, P's active user base and the amount of hours people spend listening should grow. Third, it thinks P is well positioned in mobile, which should lead to more advertising revenue. Citigroup's take on the stock is some good news for a company that has lost more than half of its market value in the past 12 months. P up 0.4% amid a broad market rally.([e-mail]) (END) Dow Jones Newswires April 12, 2016 11:37 ET (15:37 GMT) Copyright (c) 2016 Dow Jones & Company, Inc