Five9 price target lowered to $65 from $75 at DA Davidson

DA Davidson lowered the firm’s price target on Five9 to $65 from $75 and keeps a Neutral rating on the shares. The company’s Q3 earnings reflected another quarter of favorable upmarket momentum, and AI adoption should drive higher ARPU and strong new logo additions, supporting the double-digit top line growth for Five9 despite macroeconomic pressures, the analyst tells investors in a research note. DA Davidson is positive on the company’s competitive positioning, though it also intends to remain on the sidelines pending greater clarity around 2024 demand trends.