Expensify price target lowered to $2 from $3 at Piper Sandler

Piper Sandler analyst Brent Bracelin lowered the firm’s price target on Expensify to $2 from $3 and keeps a Neutral rating on the shares. Expensify’s Q4 revenue declined on a quarter over quarter and year over year basis for the fourth straight quarter, while paid subscriber metrics and subscription revenue both ended 2023 at roughly the same levels as 2021, the analyst tells investors in a research note. Piper remains on the sidelines, as there are few near-term catalysts that would justify revisiting Expensify in the short-run.