Scotiabank initiated coverage of PubMatic (PUBM) with a Sector Perform rating and $17 price target as the firm initiated coverage of sic companies in the advertising technology space. PubMatic’s valuation may appeal to value-oriented investors, but the firm sees limited catalysts for significant outperformance in the near term, the analyst says. The company’s relatively slower growth and weaker exposure to the largest secular trend in digital advertising, namely CTV, make it less compelling than Magnite (MGNI), which the firm views as better positioned to drive revenue growth and margin expansion, the analyst added.
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