Needham analyst Scott Berg raised the firm’s price target on Freshworks (FRSH) to $30 from $25 and keeps a Buy rating on the shares. The firm also added the shares to its Conviction List while removing Five9 (FIVN). Needham selected Freshworks as its top pick in enterprise software for 2024. The top pick thesis is based on Freshworks’ “steady to improving” demand trends, “predictable” margin leverage, properly set intermediate-term expectations, and 2024 consensus estimates “that appear beatable in an unpredictable macro” environment, the analyst tells investors in a research note. The firm raised its fiscal 2024 revenue and profitability estimates modestly above the consensus to reflect its bullish view.
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Read More on FRSH:
- Freshworks Announces Inducement Grant Under Listing Rule 5635(c)(4) of The Nasdaq Stock Market
- Freshworks appoints Yamamoto as Chief Customer, Marketing Officer
- Freshworks Appoints Mika Yamamoto as Chief Customer and Marketing Officer
- On-Demand Delivery Platform Lalamove Adopts Multiple Freshworks Products to Improve Sales Efficiency in Asia and LATAM
- Freshworks price target lowered to $24 from $28 at Baird
