JMP Securities analyst Andrew Boone lowered the firm’s price target on PubMatic to $17 from $21 and keeps an Outperform rating on the shares. PubMatic’s Q2 revenue and EBITDA were above the high end of guidance, but the company disclosed deteriorating demand through the quarter, the analyst tells investors in a research note. The firm believes PubMatic has a relatively small video business and is therefore seeing more volatility.
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