Five9 near-term issues entirely macro-driven, says Canaccord

Canaccord analyst David Hynes said the Five9 near-term issues are entirely macro-driven as enterprise momentum remains on track, essentially unphased as the company reported a record number of new $1M+ ACV deals in Q3, and channel expansion at the low end is more than offsetting macro headwinds. He also said its foundational, and intermediate-term drivers are unchanged and firmly in place. Hynes maintains his Buy rating and $85 price target on Five9 shares.