Docebo price target lowered to $59 from $65 at Morgan Stanley

Morgan Stanley analyst Josh Baer lowered the firm’s price target on Docebo to $59 from $65 and keeps an Overweight rating on the shares. The earnings call Q&A shed light on the headwinds impacting 2024 revenue guidance, which the firm views as conservative, helping to create “an attractive setup ahead in addition to a compelling entry point,” the analyst tells investors in a post-earnings note. However, top line estimates move lower given the incremental forex headwinds and the macro uncertainty related to optimization trends in SMB, added the analyst, who removed “Top Pick” designation from Docebo.