Smartsheet price target raised to $55 from $50 at Oppenheimer

Oppenheimer analyst Ittai Kidron raised the firm’s price target on Smartsheet to $55 from $50 and keeps an Outperform rating on the shares. Smartsheet delivered better-than-expected Q4 results, but provided a carefully measured FY24 revenue outlook incorporating the potential for a worsening macro environment despite continued solid new customer activity and enterprise strength, the analyst tells investors in a research note. The firm remains confident in management’s ability to navigate additional macro challenges and the current NRR pressure, while delivering on its profitability goals.