Intapp downgraded to Equal Weight after rally at Barclays

Barclays downgraded Intapp to Equal Weight from Overweight with an unchanged price target of $44. The stock has had a good run, now trades at a more balanced risk/reward, the analyst tells investors in a research note. The firm is at the lower end of the Q1 consensus for net new annual recurring revenue and right-sized its future free cash flow estimates, prompting the move to an Equal Weight rating.