UPDATE: Goldman Sachs Initiates Coverage on Millennial Media
According to a research report published this morning, Goldman Sachs has initiated Millennial Media (NYSE: MM) with a Neutral rating and $19 PT.
In the report, Goldman Sachs said, "We are initiating coverage of Millennial Media with a Neutral rating and $19, 12-month target price. Millennial Media is the leading independent advertising platform company, enabling monetization of the app ecosystem. While mobile usage and content development reached key inflection points in the past year, monetization is in an extremely early stage as it represents less than 1% of advertising budgets versus 10% of consumers' time. While we believe Millennial Media will be one of the primary beneficiaries of this growth, at 28x 2014 EBITDA, we believe that potential is already reflected in the stock's premium valuation."
Millennial Media closed yesterday at $19.
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