Wells Fargo downgrades Sprinklr to Underweight, lowers price target to $6

As previously reported, Wells Fargo analyst Michael Turrin downgraded Sprinklr (CXM) to Underweight from Equal Weight with a price target of $6, down from $8. 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. The firm argues Sprinklr is reliant on CCaaS as a key growth driver, but lacks direction around AI.