EverCommerce price target lowered to $11 from $13 at Oppenheimer

Oppenheimer lowered the firm’s price target on EverCommerce to $11 from $13 on lower estimates, while keeping an Outperform rating on the shares. EverCommerce’s business had soft Q3 results as the macro headwinds impacted certain segments of the transactional revenues and the marketing technology solutions and fitness segments remain under pressure, the firm notes. This development forces management to guide Q4 revenue down sequentially and the 2023 revenue growth guidance down by about 200bps.