PubMatic downgraded to Hold from Buy at Lake Street

Lake Street downgraded PubMatic (PUBM) to Hold from Buy with a price target of $9.50, down from $19. PubMatic saw upside from CTV and emerging revenue sources that led to a “solid” Q2, but the good result was overshadowed by a softer than expected Q3 outlook, the analyst tells investors. The firm, which lowered its estimates in line with Q3 guidance and also reduced Q4 and 2026 estimates, notes that its new 2025 full-year AEBITDA estimate of $51M is down from a prior $68M forecast.