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P Pitch Archive Stock pitches across investing competitions
← Winter 2014

Pandora Media, Inc.

P pitch long Akhil Subramanian

Thesis

Pandora is positioned for significant growth as it has found ways to monetize mobile listeners effectively, with barriers to radio advertising decreasing. The company is capturing a larger share of the radio advertising market and has potential for expansion both domestically and internationally. With a probability-weighted price target of $38, there is a 40% upside from the current price of $26.82.

Did it work?

worked confidence: high

The long thesis targeted $38 (~40% upside) from $26.82, and over the ~12.7 years since the pitch the stock returned +248.2%, far exceeding the stated price target. The thesis's core dynamics — effective mobile monetization and share gains in radio advertising — are consistent with a return several multiples above the target. With the stated upside decisively surpassed over a long horizon, the pitch clearly worked.