TechTarget price target lowered to $37 from $38 at KeyBanc

KeyBanc lowered the firm’s price target on TechTarget (TTGT) to $37 from $38 and keeps an Overweight rating on the shares. The firm views TechTarget’s Q3 results as a check point before the Informa Tech transaction closes likely later this quarter-revenue and profitability were fine, and product innovation continues. While KeyBanc did incorporate a more conservative revenue forecast on core TechTarget, it believes the profitability story is well intact and that the combined business can benefit from revenue and expense synergies.