Docebo price target lowered to $53 from $58 at CIBC

CIBC lowered the firm’s price target on Docebo to $53 from $58 and keeps an Outperformer rating on the shares after the company introduced 2024 revenue growth guidance that was 525 basis points below consensus at the mid-point. The company pointed to a confluence of factors, including a divestiture at an enterprise customer, SMB seat reductions as customers focus on cost control, and a forex headwind, notes the firm, which continues to view the demand environment as uncertain and reduced its own 2024 revenue growth estimate by 300 basis points to 18%.