Intapp price target lowered to $50 from $52 at Citi

Citi lowered the firm’s price target on Intapp to $50 from $52 and keeps a Buy rating on the shares. The Q1 results for application software were varied with bars largely reset and expectations lowered, the analyst tells investors in a research note. The firm believes the guides are relatively conservative but says macro fears on financial software budget priority remains a drag on sentiment despite the mission critical view, undercurrent of demand from regulation, and likely minimal artificial intelligence impact in the near-term.