Needham & Company Starts Perion Network Ltd. (PERI) at Buy
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Needham & Company analyst Laura martin initiates coverage on Perion Network Ltd. (NASDAQ: PERI) with a Buy rating and a price target of $21.00.
The analyst comments "
We estimate that half of PERI's 2021 revenue will come from its Bing contract, which was recently renewed at higher pay-outs to PERI, and the other half from digital advertising, which should benefit from a cyclical ad bounce in 2021 (based on the Fed's 6.5% US GDP growth estimate). In our view, what's best about PERI includes: 1) COVID-19 accelerated trends that benefit PERI and grow its TAM; 2) cyclical ad growth upside in 2021; 3) Bing partnership since 2013; 4) PERI generates revs from both the demand and supply sides of the open internet; 5) CTV industry growth and PERI's interactive CTV ad unit innovations; 6) visible revenue streams; 7) balance sheet strength; and 8) guidance target of $500mm of revenue in 2023."
Shares of Perion Network Ltd. closed at $17.90 yesterday.
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