TTGT - TechTarget crashes 23% after Q3 results Deutsche Bank downgrades

• TechTarget ( NASDAQ: TTGT ) shares crashed more than 23% on Thursday after the marketing company posted third-quarter results that were mixed, leading to investment firm Deutsche Bank to downgrade the stock.
• Analyst Brad Zelnick lowered his rating on TechTarget ( TTGT ) shares to hold from buy and slashed the price target to $45 from $85, noting its high exposure to tech sales and marketing, along with subpar results and guidance were enough to warrant a downgrade.
• "The slowdown in spend began post Labor day and was broad-based, though brand spend from a product perspective and EMEA from a geo perspective both saw outsized pressure," Zelnick wrote in a note to clients.
• "We expect persistent IT spending headwinds and technology firms cutting back on sales & marketing to continue weighing on TechTarget's otherwise strong value proposition," Zelnick added.
• On Wednesday, TechTarget ( TTGT ) said it earned 46 cents per share on $77.4M in revenue in the third-quarter, compared to estimates of 35 cents per share on $80.02M .

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