PubMatic price target lowered to $22 at Oppenheimer on hiring costs

Oppenheimer analyst Jason Helfstein lowered the firm’s price target on PubMatic to $22 from $23 and keeps an Outperform rating on the shares after updating his model to reflect increased headcount flowing though FY23, 3%-5% cost of living increases and the return of the 1Q Global Sales event, which reduces his FY23 and FY24 EBITDA estimates by 7% and 6%, respectively.