Canaccord analyst David Hynes lowered the firm’s price target on Sprout Social to $50 from $70 and keeps a Buy rating on the shares. The firm said Sprout missed Q1 revenue, customer adds in the firm’s focal $10K+ and $50K+ cohorts were well below trend, and the flow-through of these trends led to a revised 2024 outlook, which now calls for 22% growth, down from 28% prior.
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