Fiverr downgraded at Piper Sandler after greater-than-expected guidance miss

As previously reported, Piper Sandler downgraded Fiverr to Neutral from Overweight with a price target of $25, down from $30, stating after earnings that the company’s top-line miss for 2024 guidance was “much more than we expected.” While the firm continues to believe in the long-term opportunity and notes that the company is benefiting from growth in complex services, the declines in simple services are “concerning to us” and Piper suspects these will remain a headwind in the coming quarters without a turn in the macro backdrop, the analyst tells investors.