Macquarie raised the firm’s price target on PubMatic to $23 from $16 and keeps a Neutral rating on the shares. The firm raised its FY24 adjusted EBITDA forecast to $92M following the company’s Q4 beat and higher guidance. While the stock trading up 35% in after-hours was “well-deserved on the surprisingly good results” and the firm believes PubMatic is “a quality company,” it “won’t chase the stock here,” the analyst added.
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