Piper Sandler lowered the firm’s price target on Couchbase to $21 from $22 and keeps an Overweight rating on the shares. The firm notes mixed results for the second quarter in a row with 18% ARR growth partially impacted by revenue churn at two large customers overshadowed strong Capella demand. That said, Piper is encouraged by Capella, which saw a $5M quarter-over-quarter increase in net new ARR and total ARR growth of 20% quarter-over-quarter and about 90% year-over-year to $29M.
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