Innovid (CTV) PT Lowered to $4 at Needham & Company

Needham & Company analyst Laura Martin lowered the price target on Innovid (NYSE: CTV) to $4.00 (from $6.00) while maintaining a Buy rating following earnings. The analyst notes:

• "Investor Day. CTV will hold an in-person investor day from 2-5pmET at the NYSE (18 Broad Street, NYC) this Wednesday, Nov 16th.
• 3Q22. CTV reported revs of $34.5mm (up 47% y/y and in line with our est), gross margins of 75% (down from 81% in 3Q21, and below our estimate of 81%), and Adj EBITDA of $2.9mm (compared to $1.5mm in 3Q21 and much better than our $1mm loss estimate). Organic rev growth (ex acquisitions) for Personalization rose 24% y/y (PF personalization plus ad serving rose 15% y/y) in 3Q22.
• Guidance. CTV updated guidance to 4Q22 revs of $34-$36mm with Adj EBITDA of $1-$3mm, and FY22 revs of $127-$129mm with Adj EBITDA of $0-$1mm.
• Headcount at 9/30/22 was 556."

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