Lake Street downgraded Asure Software to Hold from Buy with a price target of $8, down from $20. The firm’s revised 2024 model starts from a 2023 base case of $102M that removes $17M of ERC revenue from the midpoint of 2023 revenue guidance, notes the analyst, who believes the company can grow total revenue double-digits organically over the coming year, but adds that the absence of ERC revenue will weigh on comps in the near term.
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