Consensus Cloud Solutions price target lowered to $60 from $70 at JMP Securities

JMP Securities analyst Joe Goodwin lowered the firm’s price target on Consensus Cloud Solutions to $60 from $70 and keeps an Outperform rating on the shares. The company’s Q4 results were mostly below expectations and guidance was also below expectations as Consensus continues to be affected by the current business environment as customers have delayed buying decisions, and it has seen a modest step up in cancel rates, which it assumes will remain elevated in 2023, the analyst tells investors in a research note.