Shares of Everbridge (NASDAQ:EVBG) fell today, which can be attributed to an analyst price cut. Indeed, Brian Colley from Stephens maintained his Hold rating on the stock while assigning a price target of $34 per share. For reference, his previous price target was $41 per share.
This is due to the potential reputational damage caused by an emergency alert that was sent by mistake to smartphones in Florida at 4:45 a.m., which caused the state to terminate its contract with the company. Nevertheless, the contract only represents 1% of the company’s total ARR.
Overall, Wall Street analysts have a consensus price target of $33.13 on EVBG stock, implying over 20% upside potential, as indicated by the graphic above.
