Clarivate price target lowered to $8 from $10 at Citi

Citi lowered the firm’s price target on Clarivate to $8 from $10 and keeps a Neutral rating on the shares. The analyst says the stock’s “value trap” narrative likely lingers until the potential of a growth inflection in mid-2024. The number and variety of expectation resets in previous quarters have changed the narrative from questioning execution to now questioning the quality of assets and end-market macro exposures, the analyst tells investors in a research note. The firm likes that Clarivate is making investments across underperforming sub-segments, though it surmises patience will be required for the organic needle to improve.