Freshworks price target lowered to $20 from $30 at Needham

Needham analyst Scott Berg lowered the firm’s price target on Freshworks to $20 from $30 but keeps a Buy rating on the shares. The firm hosted investor meetings last week that left it incrementally positive that the company can quickly address Q1 challenges to drive improved execution for the rest of the year, the analyst tells investors in a research note. Needham adds however that while Freshworks’ reduced FY24 revenue guidance is “largely de-risked”, sales execution in the second half of the year is required to hit the guide.