Needham reiterated its Buy rating and $15 price target on TechTarget, Inc. (NASDAQ: TTGT), while adjusting the timing of its EBITDA forecasts.
Following a more detailed review after fourth-quarter results, the firm said it made quarterly adjustments to EBITDA expectations without materially changing full-year revenue or total EBITDA projections.
Needham indicated that a larger portion of adjusted EBITDA is now expected to be generated in the second half of 2026, particularly in the fourth quarter.
The firm now forecasts first-quarter 2026 adjusted EBITDA of $7.3 million, representing modest year-over-year growth, while anticipating stronger leverage later in the year.
For the full year, Needham expects approximately $40 million in free cash flow, based on adjusted EBITDA of $97.5 million, $20 million in capital expenditures, $20 million in combination-related costs, $8 million in cash taxes, and an additional $8 million in interest expenses.
