Perion Network price target lowered to $35 from $40 at Roth MKM

Roth MKM lowered the firm’s price target on Perion Network to $35 from $40 and keeps a Buy rating on the shares after its Q4 earnings beat but below-consensus guidance. The market wants to see a margin rebound and execution on the integration of recently-acquired Hivestack, and the company’s y/y decline in Display Advertising was a surprise in the quarter on a mix shift away from Video into CTV, Retail and Search, the analyst tells investors in a research note.