Pandora's disappointing fourth quarter revenue and guidance has led to a major fall on Wall Street. Pandora shares were down 17.3 percent to $15.23 late Friday afternoon after falling as far as $14.62. Trading volume of 31.4 million shares was 5.4 times the stock's daily average of 5.9 million shares.
Some analysts had downgraded Pandora on Friday. Wells Fargo and Raymond James downgraded the stock to "market perform" from "outperform," meaning they believe Pandora's performance will equal, rather that exceed, an industry or benchmark. B. Riley downgraded its rating to "neutral" from "buy" and dropped its price target to $12.50 from $38.00. CRT Capital cut its price target to $16 from $26, Pacific Seacrest Securities dropped its price target to $20 from $35 and Credit Suisse Group dropped its price target to $21 from $24.