EverCommerce assumed with Neutral from Overweight at JPMorgan

JPMorgan analyst Alexei Gogolev downgraded EverCommerce to Neutral from Overweight with a price target of $12, down from $14, after assuming coverage of the name. The analyst has concerns over the company’s revenue growth, which the firm notes decelerated to single digits in the most recent quarter. EverCommerce’s small business target audience is sensitive to macro conditions, implying that revenue deceleration is likely explained by incremental worsening demand for marketing technology, headwinds faced by the fitness vertical, as well as the lack of acquisitions, the analyst tells investors in a research note.