Lake Street analyst Eric Martinuzzi lowered the firm’s price target on TechTarget to $46 from $51 and keeps a Buy rating on the shares after the company "dramatically reset" its 2023 guidance, stating that it now anticipates revenue will contract 12.5% year-over-year at the midpoint of its view and also reset its AEBITDA margin to a goal of 35%, down from 40% last quarter. While the company is faced with a severe contraction in the first quarter, the firm believes demand should improve as the year progresses and encourages investors to use the stock’s pullback as a buying opportunity.
Published first on TheFly
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