Expensify price target lowered to $8 from $10 at Citi

Citi lowered the firm’s price target on Expensify to $8 from $10 and keeps a Buy rating on the shares. The company reported another challenging quarter with a $2M revenue and $6M adjusted EBITDA miss, the analyst tells investors in a research note. The firm acknowledges the severity of the macro headwinds but still sees a large total addressable market for Expensify.