Oppenheimer Still Positive on Millennial Media (MM) Despite Sell-Off

Shares of Millennial Media (NYSE: MM) are 3.8 percent higher early Tuesday after analyst at Oppenheimer reiterated their Outperform rating and price target of $17 following the recent decline in the stock.

The analyst comments: While intra-quarter data points are limited, exposure to mobile has become a negative trend in the eyes of investors. However, we believe MM is well positioned to leverage the fastest growing segment of advertising. While mobile has caused cannibalization of desktop advertising and gaming revenues, we believe MM offers the best near-term solution for mobile monetization. MM shares have declined 61% from their March high and 35% over the past 30 days, with limited trading volume. While the company faces a late Sept. lock-up, there is very little rank-and-file employee ownership, which creates the most overhang.


For an analyst ratings summary and ratings history on Millennial Media click here. For more ratings news on Millennial Media click here.

Shares of Millennial Media closed at $9.51 yesterday.

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