As previously reported, Needham downgraded Perion Network (PERI) to Hold from Buy and removed the firm’s previous $18 price target after the company announced that it had been notified of Microsoft (MSFT) Bing’s decision to exclude a number of publishers from its search distribution marketplace. Noting that this is the second time in two months that Perion has materially lowered its 2024 revenue projections from Microsoft for 2024 and 2025, the firm says it is now less comfortable that Microsoft will renew its partnership with Perion after the current contract ends in Q4 of 2025.
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