BMO Capital Cuts Price Target on TubeMogul (TUBE) to $8 Following 3Q Report
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BMO Capital maintained a Market Perform rating on TubeMogul, Inc (NASDAQ: TUBE), and cut the price target to $8.00 (from $10.00), following the company's 3Q earnings report. Revenue of $56.1mm was above the Street’s $54.5mm estimates and adjusted EBITDA of ($0.3)mm was ahead of the Street’s ($3.6)mm. Total spend for 2016 was increased to $562mm-$564mm from $558-$562mm, revenue increased to $220mm-$222mm from $217-221mm.
Analyst Daniel Salmon commented, "After last quarter's first "miss and lower" since coming public, TUBE got back to "beat and raise" in 3Q16. The dynamics of growth continue to change, however, as desktop declined again (and accelerated in fact), but non-desktop pre-roll revenue continues to accelerate ahead of expectations to more than offset. Still, we maintain a Market Perform rating as the desktop decline is blunting further potential upside driven by cross-screen and it lowers the chances of revenue beats, even as the mix of business continues to improve and profitability begins to scale."
Shares of TubeMogul, Inc closed at $7.67 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
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