Tremor International price target lowered to $8 from $11 at RBC Capital

RBC Capital analyst Matthew Swanson lowered the firm’s price target on Tremor International to $8 from $11 and keeps an Outperform rating on the shares. The company’s Q2 results were weaker than expected as revenue and adjusted EBITDA were both impacted by a challenging macro environment in addition to anticipated declines from non-core performance activity, the analyst tells investors in a research note. Continued macro challenges around managed service campaigns and elongating sales cycles are also driving guidance lower, the firm added.