RBC Capital analyst Matthew Swanson lowered the firm’s price target on PubMatic to $20 from $24 but keeps an Outperform rating on the shares. The company’s Q4 results were impacted by macro factors to a greater extent than anticipated, and while demand has improved, management remains cautious on the outlook assuming a slower macro recovery than that of peers, the analyst tells investors in a research note. No revenue guidance was given for the year, though PubMatic management took steps to protect profitability, RBC Capital added.
Published first on TheFly
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