PubMatic Inc (PUBM) PT Raised 63% at Jefferies After Earnings

February 24, 2021 9:31 AM EST
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Price: $55.01 +1.74%

Rating Summary:
    5 Buy, 3 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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Jefferies analyst Brent Thill raised the price target on PubMatic Inc (NASDAQ: PUBM) to $62.00 (from $38.00) after the company delivered 18% and 65% Q4 revenue and EBITDA beats, respectively, with likely conservative '21 guidance.

The analyst maintained a Buy rating, stating "We were impressed to see the overall rev growth rate double in '20 vs. '19 (31% vs. 15%) despite the Pandemic, and view guidance of 21-24% rev growth in '21 as more than achievable. We believe PUBM is in the early days of addressing the $350B+ digital ad market and raise our FY21 rev est by 12%." He went on to state "We remain very bullish on the LT opportunity for PUBM. We would note that PUBM reported the highest Q4 rev growth rate in our digital ad coverage, underscoring our view that PUBM should remain a share gainer."

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