PubMatic, Inc. (PUBM) stock plummeted 24.62% on Friday after multiple analysts lowered their price targets for the advertising technology company.
RBC Capital and Scotiabank both reduced their price targets for PubMatic, citing concerns about the company's growth prospects. RBC Capital cut its target to $17 from $19, while maintaining an Outperform rating. Scotiabank lowered its target to $15 from $17 and kept a Sector Perform rating.
The analysts' actions follow PubMatic's recent earnings report, which may have failed to meet expectations. The lower price targets suggest analysts are becoming more cautious about the company's ability to sustain its growth trajectory in the highly competitive advertising technology market.
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