JPMorgan initiated coverage of Expensify with an Underweight rating and no price target. The analyst likes the Expensify product but says the tougher macro environment creates lower visibility into revenue and reduces the efficiency of its word-of-mouth, bottom-up customer acquisition model. The firm says the company’s attractive industry fundamentals “invite more competition.”
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Read More on EXFY:
- Expensify price target lowered to $7 from $10 at Lake Street
- Expensify cut to Hold at Loop Capital on second consecutive earnings miss
- 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