PubMatic price target lowered to $15 from $16 at Jefferies

Jefferies analyst James Heaney lowered the firm’s price target on PubMatic to $15 from $16 and keeps a Hold rating on the shares as he took over lead coverage of the stock. In his view, the Street is "overly optimistic" on digital advertising growth in 2023 and 2024. He lowered his FY23 revenue estimates across his coverage by 3%-7%, bringing his forecasts 5%-10% below consensus, Heaney noted.