RBC Capital analyst Matthew Swanson lowered the firm’s price target on Tremor International to $11 from $13 and keeps an Outperform rating on the shares ahead of its Q2 results. The read-through from peers indicates that the macro environment is feeling increasingly uneven as ad spend optimization seems to have taken another turn towards CPM pressure, the analyst tells investors in a research note. RBC adds that its price target cut also reflects peer multiple contraction.
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