Raymond James upgrades PubMatic to Outperform after strong Q2 earnings beat.

Raymond James upgraded PubMatic to an Outperform rating following the company's strong Q2 2026 results, which exceeded earnings and revenue expectations. PubMatic reported earnings of $0.12 per share, up from $0.05 last year and above the $0.03 estimate, with revenues rising to $78.59 million from $71.10 million. The company also launched a new governance framework for its AgenticOS platform, enhancing advertiser control and competitive positioning. The stock's fair value estimate of $16.95 suggests it may be undervalued, supporting the positive outlook from the upgrade.