QuinStreet initiated with Neutral on auto uncertainty at B. Riley

B. Riley analyst Daniel Day initiated coverage of QuinStreet with a Neutral rating and $10 price target. QuinStreet is a digital performance marketing specialist serving end markets in the financial services and home services industries, the analyst tells investors in a research note. The analyst sees uncertainty associated with the timeline and magnitude of the recovery in auto insurance carrier marketing budget. However, QuinStreet’s non-insurance verticals have posted consistent growth and market share gains in recent years, the firm points out. It believes investors need to have confidence in the auto recovery timeline for shares to rally.