Alteryx price target lowered to $55 from $65 at Oppenheimer

Oppenheimer analyst Ittai Kidron lowered the firm’s price target on Alteryx to $55 from $65 and keeps an Outperform rating on the shares. While Alteryx’s Q2 revenue/EPS were better than expected with solid KPIs, ARR was a disappointment as off-cycle expansion deals worsened in the last two weeks, the firm says. Management expects these headwinds to continue through CY23, and materially lowered its ARR outlook. Oppenheimer’s bigger concern is if the slowdown expands to on-cycle renewal/upsells, which can further deteriorate the ARR outlook.