PubMatic price target lowered to $22 from $34 at JMP Securities

JMP Securities analyst Andrew Boone lowered the firm’s price target on PubMatic to $22 from $34 but keeps an Outperform rating on the shares. The company’s Q3 results were mixed but performance worsened into October as Q4 guidance calls for just 1% revenue growth, the analyst tells investors in a research note. Boone adds however that PubMatic can continue to consolidate spend onto its platform through SPO while it remains well positioned across mobile, video, and CTV.