LiveRamp downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded LiveRamp (RAMP) to Equal Weight from Overweight with an unchanged price target of $35. The firm sees limited catalysts for the company to accelerate growth and investor sentiment, and sees better risk/rewards elsewhere in its coverage. While LiveRamp’s valuation is “undemanding,” Morgan Stanley is less constructive on a reacceleration of near-term fundamentals, saying the removal of the cookie-depreciation catalyst limits the pace of new customer acquisition and expansion of use cases, and benefits from Habu acquisition are lower than we initially anticipated.