OneSpan downgraded to Neutral from Buy at DA Davidson

DA Davidson analyst Rudy Kessinger downgraded OneSpan to Neutral from Buy with a price target of $12, down from $19. The company’s Q2 revenue and EBITDA missed estimates and its 2023 annul recurring revenue guidance was lowered substantially, the analyst tells investors in a research note. The firm is now uncertain of when OneSpan’s ARR growth will accelerate and thus finds the shares fairly valued.