Five9 price target lowered to $90 from $100 at Wells Fargo

Wells Fargo analyst Michael Turrin lowered the firm’s price target on Five9 to $90 from $100 and keeps an Overweight rating on the shares. The firm notes Five9’s Q4 results were disappointing, with headwinds weighing on growth and 2024 guide suggesting steep second half of the year ramp. Wells remains positive on the underlying market opportunity and Five9’s improving position up-market but expects shares remain range-bound until metrics improve.