Needham analyst Laura Martin raised the firm’s price target on Taboola (TBLA) to $6 from $5 and keeps a Buy rating on the shares. Taboola missed the firm’s revenue estimate, but beat on adjusted EBITDA and free cash flow, the analyst tells investors in a research note. Apple (AAPL) hired Taboola to monetize Apple News in Canada and Australia, which drives revenue upside for Taboola if Apple allows Taboola to monetize more than 2B iOS devices globally over time, and Needham says the Apple brand should attract other premium brand advertisers to Taboola for the first time.
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Read More on TBLA:
- Taboola Reports Strong Q4 Net Income and Adj. EBITDA; Profits Beat High End of Guidance for Q4 and FY 2023; 2024 Guidance Calls for Record Year With Substantial Growth Across All Key Metrics
- Taboola Announces Q4 and Full-Year 2023 Financial Results
- Taboola to Present in Upcoming Investor Conferences
- Taboola’s AI That Automatically Maximizes Conversions Sees Almost Double Growth in Past 90 Days; Brands Including Hyundai, ERGO, Leica Camera, Adopting It; Technology Now Accounts for More than 50 Percent of Taboola Advertiser Spend
- Taboola announces rapid adoption of its Maximize Conversions technology
