Pandora Media (P) was trading 18% 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 on the stock based on the news.

Upon reviewing the market cycles shown in the chart below, our analysis was the P had built a base and could possibly move higher. With today’s move, P has broken out of that base, moving in the rising phase of the current cycle. Our upside projection is $7.70 – $8.00 in coming months. For an introduction to cycle analysis, check out our Stock Market Cycles video.

Pandora Media (P) Stock Chart with Weekly Bars

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