Entravision downgraded to Hold from Buy at EF Hutton

EF Hutton downgraded Entravision (EVC) to Hold from Buy with a $1.75 price target after Entravision announced with the release of FY23 results that it had received communication from Meta Platforms (META) that they intend to wind down its authorized sales partner program globally and end its relationship with the company by July 1. There was always customer concentration risk, “but this one actually materialized” and in hindsight, Meta’s decrease in commission to Entravision was “a warning shot of what was to come,” the analyst tells investors.