Fiverr price target lowered to $45 from $50 at Piper Sandler

Piper Sandler analyst Matt Farrell lowered the firm’s price target on Fiverr to $45 from $50 and keeps an Overweight rating on the shares. After an unpredictable 2022, vertical marketplaces enter 2023 with continued macro pressure, particularly around consumer spending, digital advertising, and the jobs market, Farrell tells investors in a research note. "While uncertainty still exists and we certainly aren’t out of the woods, we feel the uncertainty is more of a ‘known-known’ relative to this time last year," the analyst writes. He is recommending Fiverr (FVRR), Match Group (MTCH), and Trade Desk (TTD) as his top ideas to start 2023. Farrell also reset some estimates and price targets.