JPMorgan downgraded Ziff Davis (ZD) to Neutral from Overweight with a price target of $33, down from $60. Ahead of Q1 earnings, the firm reduced estimates, multiples, and price targets for most small-cap internet and video game companies to reflect macro and tariff uncertainty. Ziff ‘s 2025 outlook assumes the macro environment remains constant with 2024, which now appears optimistic, the analyst tells investors in a research note. JPMorgan thinks revenue acceleration through the year, as previously guided, is going to be tough in the current macro environment.
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