Perion Network price target lowered to $15 from $25 at Stifel

Stifel analyst Mark Kelley lowered the firm’s price target on Perion Network (PERI) to $15 from $25 and keeps a Hold rating on the shares after the company reported preliminary Q1 results. Perion noted that a change in Microsoft’s (MSFT) advertising pricing in its search network drove the lower than expected results, the analyst tells investors. The firm says risk to the Period/Bing relationship is a major component of the bear case, which is up for renewal at the end of 2024. “The bears have a lot to point to this morning,” contends Stifel.