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Evercore Partners reduced their price objective on shares of Millennial Media (NYSE:MM) from $5.00 to $3.50 in a research note issued on Tuesday. Evercore Partners’ price objective points to a potential upside of 18.64% from the stock’s previous close.

Millennial Media (NYSE:MM) traded down 14.92% on Tuesday, hitting $2.51. The stock had a trading volume of 7,208,494 shares. Millennial Media has a 52-week low of $2.90 and a 52-week high of $9.38. The stock has a 50-day moving average of $3.83 and a 200-day moving average of $5.39. The company’s market cap is $268.6 million.

Millennial Media (NYSE:MM) last announced its earnings results on Monday, August 11th. The company reported ($0.06) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.12) by $0.06. The company had revenue of $67.30 million for the quarter, compared to the consensus estimate of $73.20 million. During the same quarter last year, the company posted $0.02 earnings per share. Millennial Media’s revenue was up 18.1% compared to the same quarter last year. On average, analysts predict that Millennial Media will post $-0.35 earnings per share for the current fiscal year.

Several other analysts have also recently commented on the stock. Analysts at Canaccord Genuity cut their price target on shares of Millennial Media from $4.00 to $3.50 in a research note on Tuesday. They now have a “hold” rating on the stock. Separately, analysts at Citigroup Inc. downgraded shares of Millennial Media from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 2nd. Finally, 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. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $6.56.

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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