TechTarget initiated with a Neutral at Goldman Sachs

Goldman Sachs analyst Kash Rangan initiated coverage of TechTarget with a Neutral rating and $57 price target. TechTarget is a provider of first party-purchase intent data leading to more efficient and targeted sales and marketing motions for its customers, Rangan tells investors in a research note. The analyst believes the company is an "established leader" in first-party purchase intent data, but sees slower near term sales with continued macro pressures resulting in increased scrutiny around sales and marketing budgets.