Freshworks price target lowered to $18 from $27 at UBS

UBS lowered the firm’s price target on Freshworks to $18 from $27 and keeps a Buy rating on the shares. Freshworks’ Q1 print was disappointing, as softer agent seat growth, fewer large expansion deals and record low SMB net new logo additions led to a billings miss, the analyst tells investors in a research note. The pressures don’t appear to be abating, the firm says, adding that the debate following the print is whether the miss was macro-related or Freshworks-specific and whether the implied second half revenue and billings acceleration is too optimistic and not properly de-risked.