Pandora is expected rock Wall Street on Wednesday with a $1.9 billion IPO. But will the offering soar to the top of the charts or fail to meet its target? Thanks in part to a growing awareness that internet royalty rates are eating up half or more of all Pandora revenue, a growing group of analysts are skeptical.Today respected Wall Street Journal "Heard On The Street" columnist Rolfe Winkler wrote:

"Rare is the company that grows too fast for its own good. Yet that's the position Internet radio operator Pandora Media seems to find itself in. Investors shouldn't chase the shares if its stock-market debut is as strong as expected on Wednesday.

Rich Greenfield of BTIG is also encouraging investors to stay way:

“As consumers we love Pandora. It is free, incredibly easy-to-use, works across a growing array of platforms in/out-of-home, and has a de minimis amount of advertising compared to terrestrial radio…Investing in Pandora is a whole different story. While Pandora is creating a large active user base, its reach/frequency continues to pale in comparison to terrestrial radio, as does its profitability….We recommend investors do not participate in the Pandora IPO.”

But consumers love Pandora, and that may be enough to at least give it a strong opening day.

What do you think? Pandora IPO: Hit Or Miss?