Susquehanna analyst Shyam Patil lowered the price target on Taboola (NASDAQ: TBLA) to $15.00 (from $23.00) while maintaining a Positive rating.

The analyst commented, "TBLA reported another solid beat and raise. We continue to view the company as a consistent 15-20% revenue grower with strong levels of profitability, and the Connexity acquisition should only serve to accelerate that growth with the entry into eCommerce media. With the stock trading at just ~4x revenue ex-TAC, we believe the company is undervalued and see plenty of upside from here."