(News Bulletin 247) – Jefferies confirms its Hold advice on the stock with a target of $13 before the announcement of quarterly results.
The analyst believes that the advertising market is improving, but many challenges are expected.
“We are increasingly confident that the recent strength in the advertising market can lead to higher Q2 revenue and Q3 revenue guidance at least in line with market expectations,” Jefferies said. .
“As a result, we are raising our Q2 revenue by 2% and are now 1% ahead of forecast. However, recent spending increases and ad platform changes are multi-quarter efforts that should limit EBITDA growth over the next 12 months.
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