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.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPT:
- Sprout Social Releases Investor Presentation with Forward-Looking Statements
- New Research Reveals Influencers Significantly Drive Purchasing Decisions
- #SocialStocks: TikTok to challenge enactment of U.S. ban
- Tesla downgraded, eBay upgraded: Wall Street’s top analyst calls
- Sprout Social initiated with an Outperform at Oppenheimer