MediaAlpha price target lowered to $20 from $23 at RBC Capital

RBC Capital analyst Ben Hendrix lowered the firm’s price target on MediaAlpha (MAX) to $20 from $23 and keeps an Outperform rating on the shares. As a follow-up to the company’s Q3 earnings on October 30th, the firm is updating its model, noting that it was impressed by the strength of the P&C market recovery as management expects transaction value to nearly triple in Q4, the analyst tells investors in a research note. While the FTC settlement demand will be an overhang on MediaAlpha stock, RBC sees the company’s fundamentals as “very strong”, the firm added.