PubMatic rises as brokerages raise PTs after upbeat Q2 results

PubMatic

09/08/2022 11:41

** Ad tech firm PubMatic Inc's shares  PUBM.O  up 8.6% at
$19.30 premarket
    ** Brokerages Jefferies and Evercore ISI raise PT on stock
after co reports upbeat Q2 results
    ** Q2 revenue up 27% to $63 mln, thanks to booming connected
TV advertising demand; co beats estimate of $60.78 mln -
Refinitiv data
    ** Adj. Q2 profit of 23 cents per share also tops estimates
    ** However, Q3 revenue outlook of $66 mln to $68 mln is
slightly below expectations of $68.69 mln 
    ** "We are impressed by PUBM's continued market share gains
and best-in-class profitability, but remain cautious on the
backdrop for digital ad demand" - Jefferies 
    ** Current avg. rating of 10 analysts on stock is "buy";
their median PT is $26.50 
    ** As of last close, stock was down 47.8% YTD
    
    

 (Reporting by Eva Mathews in Bengaluru)
 ((Eva.mathews@thomsonreuters.com))