Five9 price target lowered to $65 from $75 at Jefferies

Jefferies lowered the firm’s price target on Five9 to $65 from $75 and keeps a Hold rating on the shares. Despite a “tempered” FY23 outlook, the initial FY24 outlook for 16% revenue growth was consistent with management’s historical starting point, which the analyst finds “encouraging.” However, the firm thinks investors need to see the stability seen in Q3 carry into Q4 to gain more comfort, the analyst added.