B. Riley resumed coverage of Taboola with a Buy rating and $5.25 price target. Taboola is best known for powering the content recommendation feed viewable on its partner network of open Web publishers and the softer advertising market has weighed on the company’s core sponsored content recommendation business over the past two years. However, the firm believes Taboola’s “transformative” 30-year partnership with Yahoo remains the focal point of the story, with ramping contribution from that partnership expected to drive a sharp inflection in ex-traffic acquisition cost revenue, adjusted EBITDA, and free cash flow in FY24 and FY25, the analyst tells investors.
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