UPDATE: Canaccord Genuity Initiates Coverage on Tremor Video with Buy Rating, $12.50 PT on Good Market Position

In a report published Monday, Canaccord Genuity analyst Michael Graham initiated coverage on

with a Buy rating and $12.50 price target. In the report, Canaccord Genuity noted, “We initiate coverage of Tremor with a BUY rating. As a leading player in the premium online video advertising market, Tremor should benefit from a shift in video consumption from television to online. As with the early stage in any such shift, migration of usage has outpaced that of ad spend, but we believe this gap will close. Pure-play investment exposure to online video seems scarce, which should support Tremor's growth story.” Tremor Video closed on Friday at $8.38.