Five9 price target lowered to $61 from $75 at BofA

BofA analyst Michael Funk lowered the firm’s price target on Five9 to $61 from $75 and keeps an Underperform rating on the shares after the company reported Q3 results mostly in line with preliminaries, but issued lower-than-expected guidance for both Q4 and 2023, citing primarily macro headwinds. Weaker than expected FY23 total year-over-year revenue growth guidance translates to growth "well below" the previous long-term guidance and Street estimates "that did not keep pace with deteriorating end markets," Funk said.