Zeta Global price target lowered to $20 from $37 at Oppenheimer

Oppenheimer lowered the firm’s price target on Zeta Global (ZETA) to $20 from $37 on group multiple compression, while keeping an Outperform rating on the shares. The firm notes Zeta Global had a solid Q1. Management commentary was strong on the activity, trends, and guided to lower stock compensation expense and dilution. Negatively, the second half of 2025 guidance was reduced as management derisks the outlook. This prudent approach to guidance sustains a favorable setup to keep beating-and-raising, but raises concerns that there could be weakness masked by M&A and/or the macro pressures, Oppenheimer adds.