What's Going On With Perion Network Stock Wednesday?
Portfolio Pulse from Anusuya Lahiri
Perion Network Ltd (NASDAQ:PERI) stock rose on Wednesday after Oppenheimer analyst Jason Helfstein reiterated an Outperform rating and a price target of $45, naming it a top small-cap pick. The positive outlook follows PERI's acquisition of Hivestack, a digital out-of-home (DOOH) platform, for $125 million. The acquisition is expected to provide revenue and EBITDA growth through geographic cross-selling and operational leverage. Helfstein projects Q4 revenue and EPS for Perion at $231.12 million and $0.76, respectively. PERI shares were up 5.88% at $31.49.
December 13, 2023 | 5:34 pm
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POSITIVE IMPACT
Perion Network's stock is likely to experience continued positive momentum in the short term due to the reaffirmed Outperform rating by Oppenheimer and a set price target of $45, which is significantly higher than the current trading price. The acquisition of Hivestack is expected to contribute to revenue and EBITDA growth, which is a bullish signal for investors.
The reaffirmation of the Outperform rating and the high price target set by a reputable analyst can lead to increased investor confidence and a potential rise in stock price. The acquisition of Hivestack is seen as a strategic move that could enhance Perion's market position and financial performance, further supporting the stock's upward trajectory.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100