Enfusion downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Gabriela Borges downgraded Enfusion to Sell from Neutral with a price target of $8, down from $9, implying 14% downside. The analyst expects the stock to be range bound in 2024. Street estimates reflect 10 points of acceleration in revenue over the next 12 months while Goldman is modeling three points, and the firm is 5% below the Street on revenue for 2025, the analyst tells investors in a research note. The firm’s industry conversations suggest the outlook for hedge funds is stable, rather than improving or deteriorating. Against this backdrop, Enfusion’s re-acceleration will need to be driven by company-specific improvements, such as faster market share gains, contends Goldman. It believes it will likely take longer for Enfusion to deliver on these company specific drivers.