Nexxen price target lowered to $12 from $15 at Citizens JMP

Citizens JMP analyst Matthew Condon lowered the firm’s price target on Nexxen (NEXN) to $12 from $15 and keeps an Outperform rating on the shares. Nexxen’s Q3 Contribution ex-TAC was3% above consensus and EBITDA exceeded consensus by 2%, but the company lowered full-year top- and bottom-line guidance amid a shift in spending behavior from a major DSP customer, the analyst tells investors in a research note. Despite near-term headwinds, Nexxen offers a differentiated end-to-end platform anchored by its integrated DSP/SSP stack and proprietary data infrastructure, the firm says.