Benchmark has lowered its price target for LiveRamp Holdings Inc. to $38.00 from $53.00 but left the stock's rating unchanged at Buy, according to a February 3 research note. The analyst recalculated the target using LiveRamp’s three-year average forward EV/Adjusted EBITDA multiple of 10x, a more conservative framework that aligns the firm with the broader analyst consensus.
Shares of LiveRamp (ticker: RAMP) were trading at $23.12 at the time of the note, hovering near a 52-week low of $22.82. Data referenced by the analyst indicate the equity may be undervalued relative to its Fair Value assessment, suggesting potential upside from current levels if company performance or market sentiment shifts.
Benchmark’s model places current trading at approximately 5.8x the firm’s conservative adjusted EBITDA estimate for fiscal 2027 - effectively the second year in its forward projection window. That multiple sits below the three-year average the analyst used to set the new target.
On the balance sheet front, the firm highlights that LiveRamp holds more cash than debt, and management has been repurchasing shares aggressively. Those features are noted as supportive elements for valuation resilience through rate cycles and could act as tailwinds if operating results improve.
The analyst projection set fiscal 2027-2029 compound annual growth rates at 6.7% for revenue and 10.3% for adjusted EBITDA. Benchmark characterizes those growth rates as conservative within its note.
LiveRamp is scheduled to release fiscal third-quarter earnings after the market close on February 5, 2026, an event that may recalibrate near-term investor expectations.
Recent company results and leadership update
In its Q2 2026 results, LiveRamp reported earnings per share of $0.42, missing the $0.51 consensus by 17.65%. Revenue for the quarter came in at $200.0 million, modestly above the $197.31 million estimate, a 1.36% positive surprise. Separately, LiveRamp announced that Chief Technology Officer Mohsin Hussain will depart at the end of fiscal 2026; the company filed the announcement in a press release with the Securities and Exchange Commission and provided no details about a successor or the transition process.
These mixed financial outcomes and the CTO departure are material near-term developments for investors to monitor ahead of the upcoming earnings release.
Context for investors
Benchmark’s narrower valuation lens - using a 10x forward EV/Adjusted EBITDA multiple - and its conservative growth assumptions anchor the lowered price target, while the maintained Buy rating reflects a view that the shares still have upside relative to the firm’s Fair Value assessment. Upcoming quarterly results and leadership transition details will be key inputs for revising outlooks and valuations.