MediaAlpha price target lowered to $15 from $25 at JPMorgan

JPMorgan analyst Cory Carpenter lowered the firm’s price target on MediaAlpha (MAX) to $15 from $25 and keeps an Overweight rating on the shares. The firm top picks in small cap internet and video games heading into 2025 are Take Two (TTWO) and Xometry (XMTR). MediaAlpha is the most levered lead generator to ramping auto carrier spend, but the shares underperformed peers and the broader market in 2024 due to an FTC investigation into its Health business, the analyst tells investors in a research note. JPMorgan thinks it is possible the FTC and MediaAlpha could negotiate a settlement in the coming months, but adds there is risk litigation drags on for years. It expects the shares to remain range-bound until the overhang is removed.