Expensify price target lowered to $15 from $20 at JMP Securities

JMP Securities analyst Patrick Walravens lowered the firm’s price target on Expensify to $15 from $20 and keeps an Outperform rating on the shares. The company’s Q4 results were "mixed" as adjusted EBITDA topped expectations but revenue missed, the analyst tells investors in a research note. The firm remains positive on Expensify on long-term capital appreciation and management but also warns that it faces near-term headwinds to ARPU from trying to switch more monthly pay-per-use members to annual plans at half the monthly price.