Rumble price target lowered to $10 from $13 at Wedbush

Wedbush lowered the firm’s price target on Rumble (RUM) to $10 from $13 and keeps a Neutral rating on the shares. The firm notes Rumble reported mixed results with adjusted EBITDA ahead of its expectations, while revenue was slightly below its estimates. Importantly, management highlighted that the expected sequential loss of users in Q1 2025 following the election in the previous quarter will likely be less meaningful relative to prior cycles. The company also anticipates Q1 2025 revenue growth of at least +25% year-over-year, suggesting healthy trends to start the year, notes Wedbush.