Analyst lowered to "neutral" on FORACIBC World Markets analyst Todd Coupland has lowered his recommendation for Verticalscope Holdings to "neutral" from "outperformer."
The Globe's David Leeder writes in the Eye On Equities column that Mr. Coupland slashed his share target back by $3 to $9. Analysts on average target the shares at $13.67.
Mr. Coupland says in a note, "A deceleration in web traffic across the digital advertising websites we track, in addition to slowing growth across the digital advertising space, have prompted us to reduce our multiple and revenue forecast for the second half of 2024."
The Globe reported on Aug. 24, 2023, that Mr. Coupland rated Verticalscope Holdings "neutral" in new coverage. In the item, Mr. Coupland said cyclical headwinds were hindering the digital advertising market. He said, "While we believe Verticalscope is an excellent company, it is too early, in our opinion, to pay for our upside scenario." The shares could then be had for $5.60