Forrester price target lowered to $39 from $48 at Barrington

Barrington analyst Vincent Colicchio lowered the firm’s price target on Forrester to $39 from $48 and keeps an Outperform rating on the shares following quarterly results. The firm notes that the research subscription business, represented by Contract Value, grew 3% year-over-year in constant currency in Q4/2022, down four points from the prior quarter on economic headwinds, small client losses and transition challenges. Barrington believes that the actions planned by management, including better sales force targeting of senior executives, should enable CV growth to improve in the second half of 2023.