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Adgorithms downgraded by Liberum

17 December 2015 13:56

Liberum has downgraded its recommendation on online advertising software company Adgorithms (LON:ADGO) to hold from buy, following today's trading update and business review and stating that it is awaiting better visibility on both SaaS license deals and FY16 estimates.

The broker added: "The online ad exchange eco system is still in flux - and along with the accelerating shift to a SaaS model - this continues to make visibility over medium term forecasts problematic; we plan to reinstitute FY16 forecasts in the New Year."

Liberum has reduced its sales forecast for FY15 to $21 million from $23 million and earnings (EBITDA) to $2.0 million from $3.0 million.

Analysts have placed their target price under review.

At 1:56pm: (LON:ADGO) Adgorithms Ltd share price was -2.5p at 28.5p

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