Tremor International downgraded to Hold from Buy at Stifel

Stifel analyst Mark Kelley downgraded Tremor International to Hold from Buy with a price target of $6, down from $11. The stock’s valuation looks attractive, and the company’s margin profile is favorable, but there is downside risk to Stifel’s below-Street estimates and guidance given Amobee and core Tremor Programmatic were both down year-over-year in 2022, while management is guiding 2023 pro-forma Programmatic revenue growth of 5%, the analyst tells investors in a research note. The firm struggles to see a catalyst for shares in the near term given the company has engaged with a financial advisor to field takeover interest, "which has yet to bear fruit despite the stock’s current multiples."