AdTheorent initiated with an Outperform at Noble Capital

Noble Capital initiated coverage of AdTheorent (ADTH) with an Outperform rating and $4 price target. The “privacy-forward” programmatic advertising company is “ahead of the curve” as its demand-side platform uses anonymized data points to create predictive algorithms to target digital audiences using the company’s proprietary machine learning technology. Given Google’s (GOOGL) indication that it will be phasing out the use of third-party cookies, AdTheorent’s machine learning technology “could be a significant competitive advantage in the digital advertising industry going forward,” the analyst tells investors.