Zeta Global Holdings Corp (ZETA) PT Raised to $43 at Needham

Needham analyst Ryan MacDonald raised the price target on Zeta Global Holdings Corp (NYSE: ZETA) to $43.00 (from $36.00) while maintaining a Buy rating.

The analyst commented: "We are reiterating our Buy rating and raising our PT to $43 on ZETA following a strong 3Q beat in which political contributions drove the topline beat, aided by strong ARPU growth and more importantly, 40%+, margin accretive, direct revenue growth. Outperformance led to another guidance raise well ahead of street estimates, while management blessed FY25 consensus as a preliminary outlook, implying 17%+ Y/Y organic growth and ~20% adj. EBITDA margins. We find this initial outlook to be appropriately conservative, as agency penetration, and the segment's shift towards direct spend, are benefiting ARPU, furthered by incremental channel adoption, supported by new innovation such as mobile. We believe ARPU will continue to expand in FY25 and drive organic growth closer to 20%+, keeping us buyers ahead of formal FY25 guidance."

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