Needham & Company Remains Sidelined on MaxPoint Interactive (MXPT) Following Solid 3Q
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Needham & Company reiterated a Hold rating on MaxPoint Interactive (NASDAQ: MXPT) following the company's 3Q earnings report. Gross revenue was $37.4M, slightly below Needham's estimate of $38.0M. Adjusted EBITDA was $0.9M, above consensus expectations of ($2.1M). EBITDA was driven by the leverage gained in sales and marketing as well as G&A.
Analyst Kerry Rice commented, "MaxPoint delivered solid Q3 results with in-line net revenue and EBITDA upside. Management's cost control initiatives created significant leverage in sales and marketing as well as G&A, which we believe are sustainable in Q4 and into 2017. We are encouraged by the company's new partnership with Oracle, which expands MaxPoint's data audience. Additionally, MaxPoint enhanced its offerings with two new products: Customer Catalyst and PathPoint. We expect managed services to continue driving the bulk of its revenue, but believe its new products should provide incremental growth in 2017. We also expect MaxPoint to reach EBITDA profitability in 2017."
Shares of MaxPoint Interactive closed at $8.32 yesterday.
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