PubMatic

PUBM · NASDAQ

$17.46+$0.45 (+2.65%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $17.01

PUBM analyst rating

BuyConsensus of 10 analysts over the last 12 months. 90% rate it a buy.

Strong buy0
Buy9
Hold1
Underperform0
Sell0

12-month price target · 14 analysts

Average $20.68 (+18.5% upside)

Low: $12.44
Now: $17.46
High: $25.20

Upgrades and downgrades

The latest rating actions, newest first

PUBM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Craig-Hallum	Sep 24, 2026	Initiates	Buy	$24.00	34%
B. Riley Securities	Sep 18, 2026	Maintains	Buy	$17.00 → $21.00	56%
Jefferies	Aug 11, 2026	Maintains	Hold	$10.00 → $18.00	41%
Evercore ISI Group	Aug 11, 2026	Maintains	Outperform	$15.00 → $21.00	52%
Citizens	Aug 7, 2026	Maintains	Market Outperform	$12.00 → $20.00	48%
Scotiabank	Aug 7, 2026	Upgrade	Sector Perform → Sector Outperform	$8.00 → $21.00	55%
Raymond James	Aug 7, 2026	Upgrade	Market Perform → Outperform	$22.00	49%
Rosenblatt	Aug 7, 2026	Maintains	Buy	$21.00 → $23.00	64%
RBC Capital	May 8, 2026	Maintains	Outperform	$11.00 → $13.00	32%
Rosenblatt	Apr 23, 2026	Maintains	Buy	$21.00	64%

The case for and against

Updated Oct 15, 2026

Bull case

PubMatic is benefiting from a clear mix shift toward higher-growth lines, with CTV, mobile app, and emerging revenue now about 60% of total revenue and growing nearly 40% year over year, while emerging revenue nearly doubled to an all-time high of roughly 15% of revenue. Its AI-led products are gaining real traction, as AgenticOS has executed 80+ campaigns since January with 4,000+ AI-powered deals and 20+ agents, and Decision Fabric should deepen monetization by letting partners run proprietary models closer to the auction. Financially, revenue of $78.6 million rose 11% year over year, EBITDA margin expanded to 25% to 27.3%, and the company processed about 92 trillion impressions while cutting cost to process impressions 20% over the last twelve months, signaling strong operating leverage.

Bear case

PubMatic is facing a difficult competitive landscape in AdTech, where Google, Facebook, and Amazon still account for the majority of the market, limiting its ability to win share despite its differentiated platform. Its customer base is also concentrated among a few vendors, so the loss of any major client relationships could materially pressure revenue and weaken operating leverage. In addition, regulatory headwinds around privacy protections such as 3P cookies and the still-early CTV opportunity create further uncertainty, making long-term growth more challenging and execution risk higher.

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