Raymond James downgraded Integral Ad Science to Outperform from Strong Buy with a price target of $16, down from $20. IAS reported Q4 results ahead of expectations, but its Q1 and FY24 outlooks were weaker than forecast, with company commentary suggesting pricing softness for measurement services among a small group of large clients upon contract renewals and one optimization client, the analyst tells investors in a research note. Core pricing softness will raise concerns about competitive dynamics in the space, even though the company remains positive on the Meta Feed/Reels integration of its Total Media Quality product scaling throughout 2024 and into 2025, as well as its premium offerings, the firm says.
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