UPDATE: Jefferies Downgrades Tremor Video Following 3Q13 Results Below Guidance

In a report published Friday, Jefferies analyst Brian Pitz downgraded the rating on Tremor Video (NYSE: TRMR) from Buy to Hold, and lowered the price target from $13.00 to $8.00.

In the report, Jefferies noted, “Tremor Video reported 3Q13 results below its guidance. Importantly, the company pulled down its FY revenue outlook by 7%, and is now expecting an adj. EBITDA loss. We are downgrading to a Hold, and lowering our PT to $8, as our thesis on TRMR's competitive positioning has changed.”

Tremor Video closed on Thursday at $7.50.