Eventbrite price target lowered to $9 from $13 at Piper Sandler

Piper Sandler lowered the firm’s price target on Eventbrite to $9 from $13 and keeps an Overweight rating on the shares. The firm notes Eventbrite delivered fourth quarter revenue and EBITDA slightly below expectations, while the initial 2024 outlook was well below consensus. The company is experiencing headwinds in paid ticket volume, with the fourth quarter down year-over-year and the fullyear 2024 expected to be down to slightly up year-over-year. As a result, revenue growth is forecasted to decelerate from to 12% in 2024, Piper adds. However, the company has continued to drive strong non-ticketing revenue, with Ads up 28% sequentially in the fourth quarter, says the firm.