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Millennial Media (NYSE:MM) was downgraded by equities research analysts at Evercore Partners from an “overweight” rating to an “equal weight” rating in a research note issued to investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $5.00 target price on the stock. Evercore Partners’ price objective would suggest a potential upside of 9.89% from the company’s current price.

The analysts wrote, “We initiated coverage of Millennial Media with the thesis that the company’s entrance into programmatic ad exchanges last year would drive incremental advertiser demand while also increasing liquidity and the ease of transaction among its existing client base. “Despite the fact that the programmatic side is performing well, given a meaningful drop in visibility into the app install side of the business last quarter, along with our belief that competition is only likely to intensify, we see the potential for further market share loss. With MM up 40% since hitting all-time lows after reporting a disappointing 1Q, we now see a limited call to action in shares in the face of the headwinds we highlight in this note.”

Other equities research analysts have also recently issued reports about the stock. Analysts at Piper Jaffray upgraded shares of Millennial Media from an “underweight” rating to a “neutral” rating in a research note on Wednesday, May 14th. Separately, analysts at Zacks downgraded shares of Millennial Media from a “neutral” rating to an “underperform” rating in a research note on Monday, May 12th. They now have a $3.20 price target on the stock. Finally, analysts at Telsey Advisory Group cut their price target on shares of Millennial Media from $8.00 to $5.00 in a research note on Thursday, May 8th. They now have a “not rated” rating on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. Millennial Media currently has an average rating of “Hold” and a consensus target price of $6.42.

Millennial Media (NYSE:MM) traded down 1.10% on Wednesday, hitting $4.50. 291,575 shares of the company’s stock traded hands. Millennial Media has a 52-week low of $2.90 and a 52-week high of $10.48. The stock has a 50-day moving average of $4.22 and a 200-day moving average of $6.09. The company’s market cap is $481.5 million.

Millennial Media (NYSE:MM) last announced its earnings results on Wednesday, May 7th. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.10) by $0.06. The company had revenue of $72.60 million for the quarter, compared to the consensus estimate of $75.52 million. During the same quarter in the prior year, the company posted ($0.01) earnings per share. The company’s quarterly revenue was up 47.0% on a year-over-year basis. Analysts expect that Millennial Media will post $-0.36 EPS for the current fiscal year.

Millennial Media, Inc is an independent mobile advertising platform company. The Company’s technology, tools and services help developers maximize their advertising revenue, acquire users for their applications and gain insight about their users.

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