Sprout Social price target lowered to $40 from $50 at Canaccord

Canaccord lowered the firm’s price target on Sprout Social (SPT) to $40 from $50 and keeps a Buy rating on the shares. The firm said they reported Q3 results that were at or above the high-end of guidance on all key metrics, and management commentary and key forward-looking metrics would suggest that it’s still a pretty tough bookings environment for Sprout.