Market Overview

UPDATE: Piper Jaffray Initiates Millennial Media at Neutral on Valuation

Related MM
Celgene Presents Interim Results from Cancer Drug Study
Dow Jones Crosses 18,000 And 2 Stocks Are Hitting All-Time Highs

Piper Jaffray initiated coverage on Millennial Media (NYSE: MM) with a Neutral rating and an $18 price target.

Piper Jaffray said, "A first mover within mobile advertising, MM is well positioned as the top "independent" platform with scale to capitalize on an estimated $10B tailwind of ad dollars directed to mobile over the next 4 years. The stock's ~40% appreciation in the last 60 days, aided in part by mobile scarcity value and acquisition speculation, has brought valuation parity with long-term market growth estimates, in our view. With modest upside to our $18 target, we look for a more timely entry point and/or data points indicating Millennial can grow in excess of mobile ad market growth expectations."

Millennial Media closed at $16.03 on Wednesday.

Latest Ratings for MM

Aug 2015Canaccord GenuityMaintainsHold
Mar 2015Canaccord GenuityMaintainsHold
Nov 2014Canaccord GenuityMaintainsHold

View More Analyst Ratings for MM
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Initiation Intraday Update Analyst Ratings


Related Articles (MM)

View Comments and Join the Discussion!

Latest Ratings

CNPRBC CapitalUpgrades34.0
View the Latest Analytics Ratings
Don't Miss Out!
Join Our Newsletter
Subscribe to:
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
Your weekly roundup of hot topics in the exciting world of fintech.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

UPDATE: Jefferies Downgrades Western Union to Hold on Weak Outlook

UPDATE: Williams Capital Group Downgrades Starbucks to Hold on Near-Term Challenges