In a report released today, Cory Carpenter from J.P. Morgan maintained a Buy rating on MediaAlpha (MAX – Research Report), with a price target of $13.00.
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Cory Carpenter has given his Buy rating due to a combination of factors including MediaAlpha’s strong performance in the auto carrier sector and the company’s potential for continued growth. Despite some challenges in the health sector and the ongoing FTC investigation, MediaAlpha has demonstrated robust transaction value growth, particularly in the property and casualty (P&C) segment, which has significantly outperformed expectations.
Carpenter acknowledges the company’s strategic positioning to capitalize on the auto carrier recovery, which is expected to drive revenue growth and margin expansion through 2025. Although the price target has been adjusted downward to reflect revised estimates and investigation risks, the overall outlook remains positive, with MediaAlpha trading at a discount compared to its peers, suggesting potential upside for investors.