PubMatic price target lowered to $11 from $14 at RBC Capital

RBC Capital analyst Matthew Swanson lowered the firm’s price target on PubMatic (PUBM) to $11 from $14 and keeps an Outperform rating on the shares. The company reported a solid quarter with revenue and adjusted EBITDA outperforming the high-end of guidance, though even as the headwinds from the DSP change last year dissipated, a new one started – a platform change at the DSP which changed how they evaluated inventory – which created a headwind to revenue and EBITDA guidance, the analyst tells investors in a research note.