William Blair analyst Adam Klauber has maintained their bullish stance on MAX stock, giving a Buy rating today.
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Adam Klauber has given his Buy rating due to a combination of factors, including MediaAlpha’s strong top-line performance and favorable segment mix. The company’s revenue advanced 17%, surpassing his projection, largely because property-and-casualty carriers are aggressively pursuing growth again, which drove a 31% increase in P&C revenue and lifted that line to the vast majority of total sales.
He acknowledges softness in the health segment but notes that profitability remained solid, with adjusted EBITDA slightly above his forecast despite somewhat higher operating costs. Management’s guidance for continued high-teens revenue growth, reiterated robust free-cash-flow targets, and the prospect of ongoing double-digit earnings compounding support his view that the current valuation—around 5x projected 2026 EV/EBITDA—offers attractive upside for investors.
In another report released today, J.P. Morgan also maintained a Buy rating on the stock with a $12.00 price target.