Model N price target lowered to $32 from $35 at Baird

Baird lowered the firm’s price target on Model N to $32 from $35 and keeps an Outperform rating on the shares. The firm said they initiated its 2024 Subscription outlook in-line with preliminary guidance last quarter, while total revenue seen 2% below consensus given expectations for Professional Services which are moderating off above-plan 2023.