Goldman Sachs cuts MediaAlpha to Neutral, cautious on Health segment growth

As previously reported, Goldman Sachs analyst Eric Sheridan downgraded MediaAlpha (MAX) to Neutral from Buy with a price target of $12, down from $14.50. The firm sees a more balanced risk/reward skew at current levels, noting that while its remain positive on the company’s competitive positioning and ability to benefit from long-term secular tailwinds, it also expects total TTV – total transaction value – growth to moderate into 2026 and beyond entering the middle stages of the P&C market’s cyclical recovery, the analyst tells investors in a research note. Goldman adds it is still cautious around MediaAlpha’s Health segment growth outlook.