- Oppenheimer analyst Jason Helfstein raised the price target on PubMatic Inc PUBM to $50 from $45, implying a 55.7% upside, and reiterated an Outperform.
- The company's Q3 results and guidance suggest it is gaining share and has been able to turn Apple Inc's (NASDAQ: AAPL) Identifier for Advertisers and advertisers to focus on the removal of cookies into a tailwind.
- The analyst believes PubMatic is "successfully moving closer to advertisers and agencies."
- PubMatic reported third-quarter FY21 revenue growth of 54% year-on-year to $58.1 million.
- "This quarter marks our fourth consecutive quarter of organic revenue growth above 50% and adjusted EBITDA margin over 30%," CEO Rajeev Goel said.
- PubMatic processed 23.9 trillion impressions in Q3, a 103% increase Y/Y as publishers continued to expand their inventory on the PubMatic platform.
- Revenue from fast-growing advertising formats mobile and omnichannel video, which includes CTV, grew 64% Y/Y.
- Revenue from CTV grew by over seven times Y/Y. PubMatic programmatically monetized CTV inventory from 154 publishers, up from 114 publishers in Q2 of 2021.
- Outlook: PubMatic sees Q4 revenue of $74 million - $76 million, above the consensus of $62.2 million.
- PubMatic raised FY21 revenue outlook to $225 million - $227 million (previously $205 million - $209 million), above the consensus of $208 million.
- PubMatic sees FY22 revenue of at least $281 million, above the consensus of $260.22 million.
- Price Action: PUBM shares traded higher by 24.5% at $39.98 in the premarket session on the last check Wednesday.
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