UBS analyst Joshua Chan downgraded Fiverr to Neutral from Buy with a price target of $25, down from $37, after assuming coverage of the name. Given a subdued macro backdrop and Fiverr’s emphasis on higher-spend buyers, the company is undergoing a transition, the analyst tells investors in a research note. The firm sees a more balanced risk/reward given more subdued revenue and GMV growth in the near-term. UBS says it could become more constructive on stronger web traffic trends, increased conviction on take rate expansion, continued accretive uses of cash, and macro improvements.
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