Fluent downgraded to Hold from Buy at Canaccord

Canaccord analyst Maria Ripps downgraded Fluent to Hold from Buy with a price target of $2, down from $3. The company reported “pressured” Q3 results, with revenue, media margin, and profitability all down significantly year-over-year and quarter-over-quarter as the recent FTC settlement led to the company exiting certain revenue streams that no longer meet its evolving quality standards, and a major gaming client reduced spend, the analyst tells investors in a research note. The firm sees the likelihood of continued year-over-year revenue declines through the first half of 2024, and thinks a Hold rating more closely aligns with this pressured growth outlook.