Citi lowered the firm’s price target on Ibex to $18 from $23 and keeps a Neutral rating on the shares. The company reported a sales miss and its initial fiscal 2024 outlook was below Citi’s below-consensus expectations, the analyst tells investors in a research note. The firm says macro-related headwinds continue to pressure sales cycles and client decision making. It sees downside potential to the fiscal 2024 outlook “with it seeming to be somewhat reliant on pipeline conversion of some larger opportunities.”
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