Tremor International price target lowered to $4.50 from $7.50 at Stifel

Stifel lowered the firm’s price target on Tremor International to $4.50 from $7.50 and keeps a Hold rating on the shares. Tremor reported lower than expected Q2 results and meaningfully cut its FY23 contribution ex-TAC and EBITDA guidance, which was driven by Tremor’s expectations for persisting macro pressures, combined with the completion of the Amobee integration leading to unexpected sales team turnover which pushed major deals to 2024, the analyst tells investors in a research note.