FiscalNote downgraded to Neutral from Buy at BTIG

BTIG downgraded FiscalNote to Neutral from Buy without a price target. The company lowered its outlook for Q4 and offered “muted commentary” about growth trends heading into 2024 as the recent cost reduction measures are limiting its ability to reaccelerate in a tough macro environment, the analyst tells investors in a research note. The firm says this is now consecutive quarters missing expectations, and it currently sees fewer positive catalysts in the short run for the shares. Despite the formation of a special committee after CEO Tim Hwang expressed interest to potentially lead a group to take the company private again, BTIG is not convinced this will lead to a near-term transaction unlocking shareholder value.