Canaccord Genuity analyst Maria Ripps lowered the price target on Fluent Inc. (NASDAQ: FLNT) to $4.00 (from $4.50) while maintaining a Hold rating.

The analyst comments "Fluent reported soft Q2 results, with revenue declining ~28% y/y, as unauthorized activity around ACA (Affordable Care Act) policies across the industry adversely impacted the quarter, and as the company still remained under pressure from the lingering impact of the FTC settlement. More positively, newer syndicated performance marketplaces continued to perform well, exceeding management's internal forecast for both revenue and profitability in Q2. The Adflow offering has been scaling with the addition of new partners in retail and ticketing, as well as further expansion into the grocery vertical. Looking ahead, Fluent expects revenue to return to single digit y/y growth in Q3 and double-digit y/y growth in Q4 as well as next year, and management is targeting to deliver mid-single-digit adj. EBITDA margin in the second half. That said, given near-term operating headwinds, we maintain our HOLD rating until there is greater visibility into sustainable revenue growth, which could develop as new syndicated marketplaces scale and the core O&O marketplaces continue to stabilize."