Expensify price target lowered to $4 from $7 at BMO Capital

BMO Capital analyst Daniel Jester lowered the firm’s price target on Expensify to $4 from $7 and keeps a Market Perform rating on the shares. The firm’s revenue estimates for Q3 and the year are below consensus, noting some data suggests ongoing pressure on growth, including app downloads down 20% year-over-year Increasing competitive pressure in the small business expense management and payment environment are likely to persist, including notable product announcements from privates Ramp and Brex, the analyst tells investors in a research note. BMO cites continued expected growth challenges and uncertain financial trajectory for the target cut.