Five9 price target raised to $94 from $89 at Piper Sandler

Piper Sandler analyst James Fish raised the firm’s price target on Five9 to $94 from $89 and keeps an Overweight rating on the shares. The company’s Q2 upside is being offset by the Q3 guidance miss, lower guide raise than anticipated, and lower initial “mega-deal” land than anticipated, the analyst tells investors in a research note. The firm views the pullback in shares as an opportunity and reiterates Five9 as a top pick. It says the company’s Q2 new logo bookings were the second most all-time, with the pipeline reaching another all-time high heading into the second half of 2023.