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Matterport downgraded to Hold from Buy at Deutsche Bank
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Matterport downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank analyst Bhavin Shah downgraded Matterport to Hold from Buy with a price target of $3, down from $5. The analyst says current consensus subscription estimates for Matterport imply a material acceleration net new annual recurring revenue. The embedded acceleration will be challenging to achieve given the current uncertainties surrounding the economic backdrop, Deutsche tells investors in a research note. The analyst expects 2023 to be another volatile year for software stocks with investors seeking confirmation of a bottom as fundamentals "likely deteriorate further." Deutsche prefers earlier cycle names within software for 2023 over later ones, and tells investors to "selectively begin picking away at quality growth."

Published first on TheFly

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