Eventbrite price target lowered to $6 from $13 at KeyBanc

KeyBanc lowered the firm’s price target on Eventbrite to $6 from $13 and keeps an Overweight rating on the shares. As the firm reflects on Eventbrite’s recent challenges, it sees a business that could have tested organizer fees more and communicated platform value more before proceeding with changes. In the near term, this is disruptive to revenue growth as it takes time for creators to return to the platform. KeyBanc’s sense is revenue growth bottoms around +10% year-over-year in the first half of 2024 and can re-accelerate to +12% year-over-year in the second half of 2024 and +15% year-over-year in 2025 as Eventbrite works through these issues.