Piper Sandler analyst Brent Bracelin lowered the firm’s price target on Matterport to $4 from $6 and keeps an Overweight rating on the shares. 2023 marks the beginning of a mid-cycle moderation period for the estimated $385B cloud industry, where growth could fall below 20% after a decade of hypergrowth, Bracelin tells investors in a research note. The analyst is "proactively lowering estimates" on 18 stocks on recessionary headwinds but also believes valuations factor in a high-degree of disruption. He calls Adobe his top large-cap idea, MongoDB his top mid cap idea, and Procore (PCOR) his top small cap idea
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on MTTR:
- 2 “Strong Buy” Stocks That Are Too Cheap to Ignore
- Matterport appoints Matthew Zinn as chief legal officer
- Matterport Announces Executive Leadership Team Hires
- Matterport Delivers Immersive 3D Experiences of Design Miami/ and the Miami Design District
- Matterport to Participate in Upcoming Investor Conferences