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Oppenheimer Cuts Price Target on TubeMogul Inc (TUBE), But Remains Bullish; Here’s Why

TubeMogul Inc (NASDAQ:TUBE) posted second-quarter financial results on Monday in the midst of a quarter that saw the industry transition from Flash to HTML5. From Oppenheimer analyst Jason Helfstein‘s perspective, this leads to short-term “viewable” mobile inventory dislocation. Though Helfstein maintains an Outperform rating, he cuts the price target from $18 to $14.

TUBE revenue fell 4% below Helfstein’s estimate as well as consensus. Earnings were within guidance, with margins 120bps ahead of Helfstein’s projection and 24bps under the Street. Guidance for third quarter fell 7% below consensus. Additionally, TubeMogul lowered guidance for the fiscal year by 6%. Helfstein believes, “Lowered guidance represents lost spend as budgets move...