Model N price target lowered to $30 from $35 at RBC Capital

RBC Capital lowered the firm’s price target on Model N to $30 from $35 and keeps a Sector Perform rating on the shares. The company reported a “decent” quarter with SaaS metrics that were in line with low expectations but issued a “conservative” outlook for Q4, the analyst tells investors in a research note. The firm adds that it continues to like Model N’s market leadership position, but awaits more clarity on a durable growth and margin trajectory and views shares as “fairly valued”.