Pandora Media (P) stock is trading higher on Friday morning, after losing less money than Wall Street analysts expected.
The company reported earnings per share of ($0.27) and total revenue of $319 million, compared to analyst expectations of ($0.38) and $304 million.
Multiple analysts upgraded their outlook for Pandora stock based on the news.
Upon reviewing the market cycles shown in the chart below, my analysis has been constructive on $P. It has been building a solid base for months. With today’s move, $P has broken out of that base, moving in the rising phase of the current cycle. In my eyes, that’s bullish.
My upside projection is $7.70 – $8.00 in coming months.
Pandora Media (P) Stock Chart with Weekly Bars
For an introduction to cycle analysis, check out our Stock Market Cycles video, or watch the askSlim Market Week show every Friday on our YouTube channel.
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The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
