Lake Street analyst Eric Martinuzzi upgraded PubMatic (PUBM) to Buy from Hold with a price target of $10, up from $9.50. PubMatic delivered a strong Q4, exceeding expectations on both revenue and adjusted EBITDA, in what the firm calls an “inflection quarter.” Shares are “not yet out of the woods,” but the firm is raising its rating as it sees “four shafts of daylight,” namely DSP disruption having stabilized; revenue and earnings should return to growth in Q3; Q4 stands to benefit from a political advertising kicker; and the view that shares are “dirt cheap.”
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