Expensify price target lowered to $4 from $7 at Piper Sandler

Piper Sandler lowered the firm’s price target on Expensify to $4 from $7 and keeps a Neutral rating on the shares. The firm is taking a proactive stance to better reflect five risk factors that it is now factoring into models and valuation multiples for 2024, namely 2024 Street estimates that appear too high, AI priority shift creating “airpocket” risk, 3P data showing September erosion, little margin for error after valuation rebound, and investor sentiment that remains mixed.