Digital Turbine falls on BofA downgrade, PT cut

Digital Turbine

14/09/2023 16:06

** Shares of advertising software firm Digital Turbine
 APPS.O  drop 6.4% to $6.5; hitting lowest level in over three
years
    ** BofA Global Research downgrades stock to "neutral" from
"buy"; trims PT to $8 from $12 — still a 15% upside to stock's
last close
    ** A flurry of disappointing results and missed guidance
since February and YTD underperformance vs peers have prompted
more caution from investors - research firm
    ** BofA sees insufficient catalysts to drive a re-rating in
FY24
    ** Digital Turbine shares down 56.5% YTD, while peers Unity
Software  U.N  up 28.4% and Applovin  APP.O  has gained fourfold
during the period
    ** Of the 6 analysts covering Digital Turbine's stock, 1
says "buy" and 5 "hold"; median PT at $10 - LSEG data
    

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))