Urgently price target lowered to $2 from $5 at Needham

Needham lowered the firm’s price target on Urgently to $2 from $5 but keeps a Buy rating on the shares after its wider than expected Q2 loss. The company also flagged contract renewals and expansions with large customers in the quarter however, lowering residual uncertainty after the loss of a large customer to start the year, and affirmed long term revenue growth in the 20-30% range, with topline growth in our model at the low end of the range, the analyst tells investors in a research note. Needham adds that its model leaves room for upside and potential multiple expansion, with Urgently now better positioned to exhibit topline growth.