- TubeMogul (TUBE -6.1%) has received three bullish ratings (from BofA/Merrill, Citi, and Oppenheimer) on underwriter coverage day, and two neutral ones (from RBC and BMO).
- "We believe TubeMogul has a number of unique characteristics," writes BMO's Daniel Salmon. He notes TubeMogul is a video ad pure-play, has a "born and bred" programmatic ad platform, and is differentiated by a focus on branding ad campaigns (as compared with direct-response campaigns).
- At the same time, Salmon expects take rates for both TubeMogul's self-service and full-service ad tech offerings to fall due to intense competition.
- Shares are still 31% above July's conservative $7 IPO price.