PubMatic price target lowered to $12 from $16 at Citizens JMP

Citizens JMP lowered the firm’s price target on PubMatic (PUBM) to $12 from $16 and keeps an Outperform rating on the shares. PubMatic’s Q2 revenue and EBITDA exceeded the high end of guidance, but headwinds from another DSP partner drove Q3 revenue guidance 10% below consensus and EBITDA guidance 6% below consensus, the analyst tells investors in a research note. The firm says Google’s (GOOGL) antitrust ruling creates a unique opportunity for share gains as structural changes to its publisher tools and ad auction are likely.