AvePoint price target lowered to $16 from $18 at Citi

Citi lowered the firm’s price target on AvePoint (AVPT) to $16 from $18 and keeps a Neutral rating on the shares. The firm says the company’s investor day also offered a clearer rationale to the impending Singapore dual-listing, which is a “unique catalyst for increased institutional investor interest.” Citi is “optimistic” on AvePoint but also “clear-eyed on a crowded, noisier competitive field prosecuting the same opportunity.” The analyst cites updated estimates for the target cut.