UPDATE: Albert Fried & Company Initiates Coverage on TubeMogul with Overweight Rating, $23 PT on Room for Share Growth

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In a report published Monday, Albert Fried & Company analyst Rich Tullo initiated coverage on

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TubeMogul

(NASDAQ: TUBE) with an Overweight rating and $23.00 price target.In the report, Albert Fried & Company noted, “While TUBE shares are up 120% since the IPO the lock up expired on January 14, 2015, which means insider stock is potentially for sale. Despite the overhang, we think there is room for share growth as TUBE expands domestically, and globally and also as TUBE launches new applications such as Performance TV Ad buying. While the TUBE revenue model is complicated, we think investors will growth comfortable with the model as several industries such as Internet Search and the Oil Industry also have pass throughs. TUBE has less than 1% media buying market share and we think there is plenty of room for long-term growth.”TubeMogul closed on Friday at $17.88.