Five9 price target lowered to $70 from $110 at MKM Partners

MKM Partners analyst Catharine Trebnick lowered the firm’s price target on Five9 to $70 from $110 but keeps a Buy rating on the shares. The company’s Q3 results was in line with its pre-announcement and its competitive landscape is becoming more favorable, but the mid-market is seeing "signs of softness", the analyst tells investors in a research note. Trebnick is also cutting her FY23 EPS view on Five9 to $1.58 from $1.76.