Wedbush starts Alteryx with a Neutral ahead of tougher comps

As previously reported, Wedbush analyst Taz Koujalgi initiated coverage of Alteryx with a Neutral rating and $50 price target. Momentum has stabilized after the slowdown the company experienced in FY20 and the current valuation "does not appear stretched for a company that is growing its net new ARR in the high-20’s range," but comps get "much tougher" for FY23, said Koujalgi. He is also concerned about the impact of a weakening macro on Alteryx’s demand, the analyst tells investors.