Canaccord analyst David Hynes lowered the firm’s price target on EverCommerce to $12 from $14 and keeps a Buy rating on the shares. The firm said the company experienced incremental softness toward the end of Q3 that has extended into Q4 and the company continues to see demand-driven headwinds in its Martech Solutions segment, which grew just 1.5% year-over-year, as well as in its Fitness Solutions segment, as that industry remains challenged post-COVID.
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Read More on EVCM:
- EverCommerce price target lowered to $11 from $13 at Oppenheimer
- EverCommerce price target lowered to $12 from $17 at JMP Securities
- EverCommerce price target lowered to $10 from $12 at Barclays
- EverCommerce cuts FY23 revenue view to $676M-$680M from $680M-$700M
- EverCommerce sees Q4 revenue $170M-$174M, consensus $181.46M
