Fathom price target lowered to $4.50 from $6.50 at DA Davidson

DA Davidson lowered the firm’s price target on Fathom to $4.50 from $6.50 and keeps a Buy rating on the shares. The company’s Q4 results were below expectations on revenues and key profit metrics as Fathom continues to face residential real estate market headwinds, the analyst tells investors in a research note. The firm adds that given the continued uncertainty in the macro environment, Fathom is still not providing any formal financial guidance for Q1 or 2024, but the company is targeting this year’s agent growth in the 25%-30% range while indicating that it plans to get back to adjusted EBITDA breakeven this quarter.