KeyBanc lowered the firm’s price target on Five9 to $86 from $93 and keeps an Overweight rating on the shares following an in-line Q4 and an in-line 2024 outlook albeit more back-end-loaded than likely expected. Management expects its NRR to dip from current 110% levels in the first half of 2024 and accelerate in the second half driven by large/mega existing deals and recently closed backlog, KeyBanc notes.
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