Wells Fargo downgrades Five9 to Equal Weight, lowers price target to $40

As previously reported, Wells Fargo downgraded Five9 (FIVN) to Equal Weight from Overweight with a price target of $40, down from $55. The firm sees smaller vendors, point solutions, and those leaning on contact center as a key growth vector as those most at-risk. Overarching theme impacting this category is intensifying competition from many angles, especially as agents drive more overlap with large incumbents, Wells adds. While Five9’s IVA is touted as an offset, its tech lags GenAI/agents and traction beyond voice is sparse to date, the firm argues.