PubMatic initiated with a Buy at Rosenblatt

Rosenblatt analyst Barton Crockett initiated coverage of PubMatic (PUBM) with a Buy rating and $17 price target. The company’s Q2 earnings report unearthed a second problem in a major DSP relationship, setting the stage for a decline in adjusted EBITDA in 2026, but because PubMatic remains a meaningful and capable AdTech player with significant strengths that have made it the #3 SSP, these operating challenges seem likely to be overcome, the analyst tells investors in a research note. PubMatic – like Magnite (MGNI) – has a near-term geometric upside opportunity from remedies likely to arise in 2026 from Google’s (GOOGL) AdTech antitrust loss, the firm added.