E2open upgraded to Neutral at Credit Suisse with growth expectations reset

Credit Suisse upgraded E2open to Neutral from Underperform with a price target of $5, down from $5.50. FY24 organic revenue growth guidance of 1.6% incorporates a weak first half of this year as the result of elevated integration and macro related churn, but a stabilization in the second half, the analyst noted. The firm would have been supportive of "an even more conservative approach," but believes E2open has enough demand in its pipeline to meet the full year revenue guide. Management’s increased focus on organic growth, the guidance reset, and current valuation "support a more inline share performance over the next 12 months," the analyst argues in a post-earnings note.