Intapp downgraded to Perform from Outperform at Oppenheimer

Oppenheimer downgraded Intapp to Perform from Outperform without a price target. The analyst is increasingly concerned about the efficacy of artificial intelligence and cyclical challenges in the category leading to slower hiring for sales and account management roles, and spending growth for purpose-built relationship management solutions. The firm also sees strengthening competition for Intapp from Salesforce, Oracle, and others offering similar services. In addition, the company has a well understood story and lack of near-term perceived catalysts, adds Opco.