TechTarget initiated with a Neutral at UBS

UBS initiated coverage of TechTarget with a Neutral rating and $31 price target. As the spending environment improves, UBS expects low-double digit growth for TechTarget, the analyst tells investors in a research note. The firm believes the market is pricing in $260M of revenue for 2025 vs. the Street at $268M, and while UBS thinks most of the sales slowdown is priced in, the firm does not see any catalysts for the spending environment to improve, limiting multiple expansion.