BlackLine price target lowered to $71 from $76 at BMO Capital

BMO Capital analyst Daniel Jester lowered the firm’s price target on BlackLine to $71 from $76 and keeps a Market Perform rating on the shares. The company’s Q4 results highlighted its ongoing challenges of delayed deal cycles in parts of enterprise software with Q4 bookings below plan, subscription revenue growth of 20% coming in below expectations, and FY23 growth guidance of 13% Y/Y well under BMO’s already-below-consensus model, the analyst tells investors in a research note. The firm adds that while the underlying market conditions have stabilized, Blackline’s growth indicators are still "somewhat mixed".