RBC Capital raised the firm’s price target on Smartsheet to $43 from $36 but keeps a Sector Perform rating on the shares. The company’s Q4 results were "solid" as Smartsheet showed profitability, but the macro impact continues to "show up", leading to further deceleration in billings and dollar-based net retention rate, the analyst tells investors in a research note. RBC adds however that the management’s guidance "seems conservative" in calling for a further deteriorating macro, and the company’s momentum in Q4 looked "solid".
Published first on TheFly
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