Macquarie analyst Tim Nollen downgraded PubMatic to Neutral from Outperform with a price target of $16, down from $23 after the company reported a Q2 revenue beat but also warned that it is now seeing a meaningful downturn across all ad formats in Q3. Exposure to display ads, which make up 69% of sales, makes the revenue outlook “more difficult,” but online video and even CTV are also now turning negative, the analyst tells investors.
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