Perion Network price target lowered to $10 from $16 at Lake Street

Lake Street analyst Eric Martinuzzi lowered the firm’s price target on Perion Network (PERI) to $10 from $16 and keeps a Hold rating on the shares after Microsoft (MSFT) chose to exclude a number of Perion publishers from its search marketplace and the company guided Q2 revenue and AEBITDA well below consensus. The stock “appears to be incredibly cheap,” but execution will need to improve before the firm can advocate for Perion shares given the “dramatic overhaul” of its Microsoft relationship in the last 60 days and the firm’s lack confidence in its revised forecast, the analyst tells investors.