B. Riley downgraded PubMatic (PUBM) to Neutral from Buy with a price target of $9, down from $17. The company’s strong Q2 results were overshadowed by the downside Q3 guidance, the analyst tells investors in a research note. The firm says the outlook is hurt by changes with a major legacy demand side platform partner that negatively impacted PubMatic’s available inventory and pressured advertising spending. The partner headwind has “derailed” the company’s second half of 2025 recovery, contends B. Riley.
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