First Berlin Equity Research has published a research update on ad pepper media International N.V. (ISIN: NL0000238145). Analyst Dr. Karsten von Blumenthal reiterated his BUY rating and decreased the price target from EUR 6.20 to EUR 4.60.

ad pepper media (APM) has lowered Q2 revenue guidance to €5.9m (previously: €6.3m to €6.5m) and expects Q3 and Q4 revenue to be lower than in the prior year periods. A deteriorating macroeconomic environment (persistently high inflation, increasing interest rates, slower growth and a looming recession, shrinking consumer confidence, supply chain disruptions) lowers demand for advertising resulting in lower sales and earnings for APM. We have reduced our forecasts for 2022E and the following years. An updated DCF model yields a new price target of €4.60 (previously: €6.20). We reiterate our Buy rating.