Jefferies lowered the firm’s price target on CCC Intelligent Solutions to $13 from $14 but keeps a Buy rating on the shares after its Q2 results. Disappointing revenue guidance for the second half will likely overshadow the in-line Q2 results, with the soft outlook attributed to a lower contribution from emerging products as pilots are taking longer to convert to revenue, the analyst tells investors in a research note. Encouragingly, interest in the emerging products remains high, and the management raised the 2024 EBITDA outlook, which should allay some investor concerns, the firm added.
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