Marin Software (MRIN) PT Lowered to $2 at Stifel Following Solid 4Q

Stifel lowered its price target on Marin Software (NYSE: MRIN) to $2.00 (from $2.50) while maintaining a Hold rating. Total revenue of $22.9mn came in above estimates of $22.0mn for the quarter. Non-GAAP EPS of ($0.05) and Adj. EBITDA of $31k also outperformed estimates of ($0.10) and ($2.0mn), respectively.

Analyst Tom Roderick commented, "On February 28th, Marin reported 4Q16 results that came in ahead of our estimates for total revenue, non-GAAP EPS, and Adj. EBITDA. The company continued to face headwinds from the loss of customers over the course of the last twelve months and its ongoing re-platforming to a next generation solution. We maintain our Hold rating and are lowering our target price to $2 from $2.50 on shares of MRIN."

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