UPDATE: Canaccord Genuity Downgrades Tremor Video on Lower Visibility

In a report published Friday, Canaccord Genuity analyst Michael Graham downgraded the rating on Tremor Video TRMR from Buy to Hold, and lowered the price target from $12.50 to $9.00. In the report, Canaccord Genuity noted, “After a strong Q2 report (its first as a public company), Tremor reported Q3 results that came in just barely under its guidance. Q4 guidance was soft, as management cited weakness from CPG advertisers, spend moving towards programmatic channels, and TV advertisers being slower to embrace newer forms of performance measurement. As Tremor makes progress in programmatic and with TV advertisers, which we expect to happen next year, we believe its growth will recover. Until then, given the lower near-term visibility we are lowering our rating to HOLD.” Tremor Video closed on Thursday at $9.26.