TechTarget shares plunge as Craig-Hallum steps to sidelines

TechTarget

09/08/2018 15:20

** Shares of online IT services co TechTarget Inc  TTGT.O 
plummeting >20 pct early Thurs as Craig-Hallum demotes to "hold"
from "buy" despite earnings beat
    ** TTGT currently down 22.2 pct at $22.60, among top
percentage losers in the Nasdaq Industrial index  .IXID 
    ** That said, Craig-Hallum and Jefferies both did up PTs, to
$32 and $27, respectively
    ** Lead Craig-Hallum analyst Mike Malouf downgrades to
"hold" from "buy" on valuation, sees solid prospects for co's IT
Deal Alert product
    ** However, given that the stock more than tripled over the
last year, Malouf feels "much of the good news is now
discounted"
    ** On Aug 8, TTGT's posted after-market Q2 adj EPS of 15
cents, better than the 12 cents/sh analysts expected, per
Thomson Reuters I/B/E/S
    ** Even with today's drop, stock has soared by >75 pct so
far this year

 (Reporting by Stephen Culp)
 ((stephen.culp@thomsonreuters.com; 646-223-6076;))