UPDATE: Canaccord Genuity Downgrades Millennial Media to Hold, Lowers PT Following Mixed Q2 Results

In a report published Wednesday, Canaccord Genuity analyst Michael Graham downgraded the rating on

from Buy to Hold, and lowered the price target from $13.00 to $10.00. In the report, Canaccord Genuity noted, “Millennial's growth is still impressive, having grown the top line by 45% in Q2. That said, revenue slightly missed our estimates and guidance.While the Jumptap acquisition likely makes strategic sense, we believe that in the short term it presents some execution risk along with less transparency regarding Millennial stand-alone business progression, and we note that management declined to provide guidance for Millennial ex-Jumptap. For these reasons, we are lowering our rating to HOLD. While we acknowledge that the stock's current valuation likely does not give enough credit for expected growth, we would prefer to revisit the investment thesis once we gain more visibility into how Jumptap and the environment in general will impact Millennial.” Millennial Media closed on Tuesday at $8.50.