Wall Street Looking to Millennial Media 4Q Results
Mobile advertising network Millennial Media saw an 8 percent jump in share price on Friday after Oppenheimer analyst Jason Helfstein forecasted the company would report solid fourth-quarter earnings Tuesday.
Helfstein thinks the stock will climb after the company reports its results, citing limited competition in the mobile ad market over the short-term.
Shares of Millennial Media went live on March 29 at $13 per share, nearly doubling in the first few minutes of trading after the company’s CEO, Paul Palmieri, rang the opening bell. The stock has since flagged, settling at or below its opening price.
Leading up to its IPO last year, the company raised its IPO price from a range of $9 to $11 per share, to a range of $11 to $13 per share. The change boosted the total amount the company hoped to raise from $75 million to $152 million.
Helfstein maintained a $19 price target and Outperform rating on the shares, which jumped $1, or 8 percent, to $13.50 in early trading last Friday.
Millennial is set to announce its fourth-quarter earnings on Tuesday, with a call slated for 5 p.m. ET.