Lightspeed price target lowered to $16 from $21 at Benchmark

Benchmark lowered the firm’s price target on Lightspeed (LSPD) to $16 from $21 and keeps a Buy rating on the shares. Seven weeks after management announced that their strategic review had concluded without a sale of the company and two days after Lightspeed reduced growth expectations for FY25 due to the impact of deteriorating macroeconomic conditions, the company used its capital markets day presentation to refocus investors on its prospects for profitable growth over the next three fiscal years, the analyst tells investors. While reducing estimates for the top and bottom lines for Q4 to reflect the impact of the macroeconomic headwinds that management cited on its transaction volumes, the firm says it was “encouraged by the apparent feasibility of management’s plans to reinvigorate growth while enhancing profitability.”