Five9 price target lowered to $37 from $45 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Five9 to $37 from $45 and keeps an Equal Weight rating on the shares. While the fundamental outlook heading into Q3 is unchanged, with a muted macro backdrop still leading to a difficult spending environment, SaaS stocks have bounced off the bottom as channel checks and CIO spend intentions suggest stability within a tough demand environment in the second half and “cautious optimism” into FY25, the analyst tells investors in a preview for the group.