- Ahead of AdTech prints, KeyBanc analyst Justin Patterson lowered estimates across three stocks, downgraded Taboola.com Ltd (NASDAQ:TBLA) and PubMatic, Inc (NASDAQ:PUBM) to Sector Weight, and lowered his The Trade Desk, Inc (NASDAQ:TTD) price target from $55 to $52.
- He believed that the industry had entered into a modest ad recession, where the combination of tighter budgets, less online time, and inflation and FX headwinds created elevated pressure on companies.
- He viewed TBLA and PUBM as more exposed to these pressures given regional and channel mix and have lowered estimates materially below consensus.
- Conversely, he viewed Overweight-rated TTD as better positioned for this period due to a mix of high growth channels like CTV, retail media, and political spend contributions in 4Q22E.
- Price Action: TTD shares traded higher by 0.90% at $45.41 on the last check Monday.
Where Iris Energy Stands With Analysts
Within the last quarter, Iris Energy (NASDAQ:IREN) has observed the following analyst ratings: Bullish Somewhat Bullish Indifferent Somewhat…
