Five9 price target lowered to $65 from $100 at Truist

Truist analyst Terry Tillman lowered the firm’s price target on Five9 to $65 from $100 and keeps a Buy rating on the shares. The company’s Q2 results topped estimates, but bookings were “challenged”, particularly driven by increased buyer scrutiny, budget constraints, and macro uncertainty, the analyst tells investors in a research note. Despite strength in new logo deployments in Q2, Five9’s reduced FY24 revenue guidance contemplates slower growth in the seasonally strong August-December period, the firm added.