Zeta Global Holdings Corp (ZETA) PT Raised to $33 at Needham

Needham analyst Ryan MacDonald raised the price target on Zeta Global Holdings Corp (NYSE: ZETA) to $33.00 (from $28.00) while maintaining a Buy rating.

The analyst commented: "We are reiterating our Buy rating and increasing our price target to $33 on Zeta Global (ZETA) following the company's announced increase in 3Q24 revenue and adjusted EBITDA expectations that position the company to produce a second consecutive Rule of 50+ quarter. Zeta continues to see strong momentum across its business early in 2H24 and we are incrementally encouraged by the fact that the majority of the 3Q24 guidance increase came from strength in the core business vs. one-time political revenue benefits. We have updated our estimates to reflect the increased guide, as well as the company's recent equity raise. Our new $33 PT represents and EV/sales multiple of 6.8x our FY25 estimates and is supported by our sum of the parts analysis."

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