UPDATE: Stifel Reiterates Buy Rating, Lowers PT on Marin Software Following 3Q13 Results Report

In a report published Thursday, Stifel analyst Tom Roderick reiterated a Buy rating on

, but lowered the price target from $20.00 to $18.00. In the report, Stifel noted, “On Wednesday, November 6, Marin reported 3Q13 results that came in slightly ahead of our expectations. Since its IPO, Marin has shied away from providing quarterly business metrics save for the number of customers on the company's platform. However, the company did note that during the quarter it exceeded the $5bn mark in terms of advertising spend under management (AUM) while also indicating that it added 26 net new customers to finish the quarter with a total of 610. Marin is set to provide its first look into AUM in Q4, where we'll be paying particularly close attention to a metric we believe offers the best overall insight into growth in 2014.” Marin Software closed on Wednesday at $11.28.