Brightcove downgraded to Hold from Buy at Lake Street

Lake Street analyst Eric Martinuzzi downgraded Brightcove to Hold from Buy with a price target of $3, down from $4, after the company offered a “disappointing” revenue view. Brightcove’s midpoint of its 2024 revenue guidance anticipates a 2.3% contraction, notes the analyst, whose prior model called for 2.0% growth. While the firm is lowering its rating and price target, it also acknowledges the traction of the up-market tactical shift by the company’s CEO, the analyst added.