Craig-Hallum analyst Anthony Stoss lowered the firm’s price target on Digital Turbine to $25 from $30 and keeps a Buy rating on the shares. The weakening Ad market and a 20% drop year-over-year in smartphone activations from Digital Turbine’s two biggest customers hurt the quarter and guide. While the firm expected weakness, Craig-Hallum didn’t expect the degree of the activation drop off and impact to revenues. Moreover, while ad impressions for Digital Turbine were relatively flat sequentially in the December quarter, pricing dropped 10%-20%.
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Published first on TheFly
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Read More on APPS:
- APPS Plunges after Dismal Q3 Results, Analyst Downgrade
- Oppenheimer downgrades Digital Turbine on ‘unclear’ long-term growth
- Digital Turbine downgraded to Perform from Outperform at Oppenheimer
- Digital Turbine sees FY23 adjusted EPS $1.15-$1.20, consensus $1.41
- Digital Turbine reports Q3 adjusted EPS 29c, consensus 37c