As previously reported, Loop Capital downgraded Expensify to Hold from Buy with a price target of $6, down from $9. The company’s Q2 revenues and EBITDA missed estimates “meaningfully” for the second consecutive quarter, and with estimates set to come down, it is difficult to continue defending the stock, the analyst tells investors in a research note. The firm prefers to be on the sidelines pending visibility that 2024 will bring another leg of growth acceleration and margin expansion.
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Read More on EXFY:
- Expensify price target lowered to $8 from $10 at Citi
- Expensify downgraded to Hold from Buy at Loop Capital
- Expensify downgraded to Market Perform from Outperform at JMP Securities
- Expensify reports Q2 EPS (14c), consensus 5c
- Expensify move lower on competitive concerns ‘likely unjustified,’ says Citi