PubMatic Analysts Slash Their Forecasts After Q2 Results

PubMatic, Inc. PUBM reported better-than-expected second-quarter sales, but issued weak revenue forecast for the third quarter.

PubMatic posted quarterly adjusted earnings of 2 cents per share, compared to market expectations for a loss of 6 cents per share. The company’s quarterly sales came in at $63.33 million, versus estimates of $59.89 million.

PubMatic said it sees third-quarter revenue of $58 million to $61 million, versus expectations of $65.93 million.

PubMatic shares dipped 19% to $15.03 in today’s pre-market trading session.

These analysts made changes to their price targets on PubMatic following earnings announcement.

• Raymond James cut the price target on PubMatic from $22 to $18. Raymond James analyst Andrew Marok maintained an Outperform rating.
• Macquarie slashed the price target on PubMatic from $23 to $16. Macquarie analyst Tim Nollen downgraded the stock from Outperform to Neutral.
• Oppenheimer analyst Jason Helfstein, meanwhile, downgraded the stock from Outperform to Perform.

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