Pandora Drops Below $10

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Pandora founder Tim Westergren was actually addressing the industry at SF MusicTech Summit on Monday morning, but the real action was happening in New York.

That’s where Wall Street continues to push Pandora (P) southward, based on a cocktail of company-specific and macro-economic concerns.  That concoction includes the very heady entry of a revamped iHeartRadio app, which has now landed on the iTunes App Store and is taking Pandora’s recommendations head on.

The result?  Pandora’s valuation as of 1 pm EST: $9.50.  Ultimately, shares recovered a bit to $9.87 by the bell.  The stock initially landed at $16 in its IPO in May, and this represents a new, post-IPO low.

Now, the question is where this all goes.  Bearish readers are pegging Pandora’s future in the $2-$3 range, similar to where Sirius XM Radio (SIRI) is today.  Analyst Richard Greenfield of Pali Research, a huge critic of this stock, is predicting valuations in the $4-$5 range.