Craig-Hallum analyst Anthony Stoss lowered the firm’s price target on Digital Turbine to $12 from $18 and keeps a Buy rating on the shares. While Digital Turbine’s results and guide were mixed compared with estimates, the firm believes the company is building an impressive list of customers for SingleTap and thinks 2024 will be a breakout year for SingleTap. Craig-Hallum acknowledges SingleTap has taken much longer than it expected to get off the ground but believes it is finally in sight. Craig-Hallum notes the stock has pulled back significantly and believes investors should take advantage of it at 8.3-times EV/EBITDA.
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