UPDATE: Integral Ad Science Holding Corp (IAS) PT Lowered to $13 at Morgan Stanley on Ad Spending Concerns

Morgan Stanley analyst Brian Nowak lowered the price target on Integral Ad Science Holding Corp (NASDAQ: IAS) to $13.00 (from $15.00) on the belief that the company will see weakness along with the rest of branded advertising after the US Economics team lowered its GDP forecast, results of the latest AlphaWise survey show rising inflation concerns, and there are signs of CPG and branded advertisers pulling back spend.

The analyst reiterated an Overweight rating, stating "We think the risk to IAS is notable given 1) A significant majority of IAS' advertising is from branded ad dollars which are the weakest part of the ecosystem right now
and 2) IAS' relatively small advertiser count (~2,100 as of 1Q) gives the company less opportunity to diversify away from large advertiser pullback in spend. We also think part of IAS' core product is somewhat experimental in nature (new targeting and measurement tools) which are more at risk through weaker economic periods."

You May Also Be Interested In

• Fiserv (FISV) PT Lowered to $60 at Freedom Broker
• Tata Motors Passenger Vehicles (TMPV:IN) PT Raised to INR375 at ICICI Securities
• LG Electronics India (LGEL:IN) PT Raised to INR1,815 at ICICI Securities