Piper Jaffray Cuts Price Target on TubeMogul (TUBE) to $17 Following 2Q Report

Piper Jaffray maintained an Overweight rating on TubeMogul, Inc (NASDAQ: TUBE), and cut the price target to $17.00 (from $23.00), following the company's 2Q earnings report. TubeMogul reported Q2 revenue of $55.4 million, 5% below the Street's $58.2 million. EBITDA was $2.4 million, slightly ahead of the Street's $2.3 million.

Analyst Gene Munster commented, "TubeMogul missed its guidance for the first time since being a public company; however, while investors will likely treat shares cautiously over the next quarter given the nature of adtech stocks, we continue to view TUBE as one of the best publicly traded adtech companies. The reason for the miss related to consumers switching to mobile video faster than expected where viewability is more difficult to track than desktop. Despite the miss, management highlighted positive trends for 2017 and noted their expectation for accelerating growth and better margins next year. We remain confident in the management team, headed by a new CFO, and believe the team will work as hard as possible to post a solid Q3 to get back on track. We maintain our Overweight rating with a revised target of $17."

For an analyst ratings summary and ratings history on TubeMogul, Inc click here. For more ratings news on TubeMogul, Inc click here.

Shares of TubeMogul, Inc closed at $12.64 yesterday.

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