B. Riley analyst Daniel Day raised the firm’s price target on PubMatic to $27 from $21 and keeps a Buy rating on the shares. PubMatic’s Q4 results were ahead of estimates and the company provided upside guidance for Q1 and FY24, the analyst tells investors in a research note. The firm believes the positive share price reaction is primarily due to the likelihood of positive estimate revisions for both 2024E and 2025E following management’s expectation for full-year revenue growth of “at least 10%,” implying at least $294M in revenue.
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