PubMatic price target lowered to $19 from $21 at Lake Street

Lake Street lowered the firm’s price target on PubMatic (PUBM) to $19 from $21 and keeps a Buy rating on the shares. The firm, which lowered estimates to more accurately model difficult comps versus robust political ad spending a year ago and to reflect a softer U.S. dollar, notes that its new full-year AEBITDA estimate is $68.3M, down from a prior $78.3M.