B. Riley resumed coverage of PubMatic with a Buy rating and $27 price target. The firm believes that the continued momentum of supply path optimization, or SPO, deals, coupled with a recovering ad spending market, growing contribution from new products, and an increasing mix of higher-margin impressions sets the stage for PubMatic to see sustained double-digit revenue growth and adjusted EBITDA margin expansion in FY24 and FY25.
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