UPDATE: Albert Fried and Company Reduces Target on Pandora to $10

Albert Fried and Company cuts its price target $2 to $10 on Perform-rated Pandora (NYSE: P) following January results and guidance disappointment.

Albert Fried and Company notes, "Pandora share traded down 22% on March 6, 2012 after the market close as FQ12A results missed our estimates and new Pandora guidance points to a sequential revenue decline to roughly $73.5 million in F1Q13E versus $83 million in F4Q12A. In F1Q13E, Pandora expects to post revenue of $73.5 million and an adjusted loss per share of $0.19 at mid range. In FY2013E Pandora expects to post revenue of $415 million and a loss per share of $0.14 at the mid range."

P closed at $14.27 a share on Tuesday.