UBS analyst Karl Keirstead downgraded Informatica to Neutral from Buy with a price target of $18, down from $24. The accelerating mix shift to cloud from self-managed contracts does not seem to be adequately reflected in Street estimates for 2023/2024, which appear too high, Keirstead tells investors in a research note. Keirstead does not see material near-term potential for multiple expansion, especially in an economic downturn scenario.
Published first on TheFly