Perion Network downgraded to Neutral from Buy at Roth MKM

Roth MKM analyst Jeff Martin downgraded Perion Network (PERI) to Neutral from Buy with a price target of $13, down from $35. The analyst cites the “unexpected and severe” decline in Perion’s search advertising relationship with Microsoft Bing (MSFT) that resulted in a reduction to 2024 adjusted EBITDA guidance by 56% at the midpoint for the downgrade. While the stock’s valuation is “arguably attractive,” it will “remain low for the foreseeable future,” the analyst tells investors in a research note.