PubMatic downgraded to Perform from Outperform at Oppenheimer

Oppenheimer downgraded PubMatic to Perform from Outperform without a price target post the Q2 report. The company is seeing “multiple headwinds” and its second half of 2023 outlook appears materially worse than peers, the analyst tells investors in a research note. The headwinds include PubMatic’s exposure to bankrupt MediaMath, weak demand for connected TV and a lack of exposure to retail media, says the firm.