MediaAlpha price target lowered to $23 from $27 at BMO Capital

BMO Capital lowered the firm’s price target on MediaAlpha (MAX) to $23 from $27 but keeps an Outperform rating on the shares. Pending the outcome of the FTC’s inquiry and potential fine regarding MAX’s Health segment, the firm estimates that MediaAlpha will be able to settle at an amount that does not require an equity capital raise, which if correct would act as a positive catalyst for the stock, the analyst tells investors in a research note.