Zeta Global downgraded to Sector Weight at KeyBanc with short theses mounting

As previously reported, KeyBanc downgraded Zeta Global (ZETA) to Sector Weight from Overweight and removed the firm’s prior December 2025 price target The firm believes that with the short theses mounting and, as reflected in the share reaction, gaining traction, it does not anticipate the stock to trade on fundamentals until more clarity can be given. “Of course, we look foolish. We essentially topped-ticked our Overweight initiation and may very well be stepping to the side at the absolute worst possible time,” but arguing a more attractive entry point or growth-adjusted valuation is “utterly tone deaf when the other side of the Zoom has more existential questions,” the analyst added.