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Needham summarised Perion Network Ltd's (NASDAQ: PERI) discussion on the "Future of Streaming" last week during Needham's AdTech Measurement Conference. There are top 10 PERI takeaways from the conference.
Measurement key weakness is that CMOs collect too much data about the wrong things.
Attention is the most vital metric to measure.
PERI's SORT measurement product knew what consumers did before it targeted them with an ad.
PERI used behavioral science in SORT.
SORT aggregated groups of consumers into similar mindsets and then served them an ad.
Brands talk about "brand safety" rather than "consumer safety."
Consumers bought CTV like digital, not like linear TV.
Automated content creation is an excellent solution to frequency caps.
CTV is an entire funnel marketing channel.
Automated content creation is a good solution to frequency caps.
CTV is a full-funnel marketing channel.
Cookie targeting has limited AdTech industry growth.
PERI allows investors to participate in ad growth in the Open Internet (i.e., outside Walled Gardens), Needham noted.
Needham expects ad growth in 2022 to be robust based on a post-COVID bounce in consumer spending and advertisers trying to influence consumer spending choices.
Also, because PERI has interactive CTV ad units, its CTV revs are proliferating.
Because advertising revenue has high incremental gross margins, Needham saw an upside to its EBITDA and EPS estimates for PERI in 2022.
Additionally, Needham believes PERI has lower regulatory risks than other open internet ad-driven competitors.
Needham reiterated a Buy on Perion with a price target of $32.
Price Action: PERI shares traded higher by 3.01% at $18.51 on the last check Tuesday.
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