TechTarget resumed with an Outperform at Raymond James

Raymond James resumed coverage of TechTarget with an Outperform rating and $32 price target. Despite near-term turmoil in overall IT spend, Raymond James sees reasons for optimism, including TechTarget being well-positioned for a return to normalized IT spend conditions, its vast troves of first-party, privacy-compliant data that other platforms have a hard time replicating, and a solid margin structure that can shoulder near-term investment to power long-term gains, the analyst tells investors in a research note. The firm believes current valuation levels are modest in light of IT conditions, and a rebound represents a strong multiple expansion opportunity.