Olo price target lowered to $7 from $10 at Piper Sandler

Piper Sandler lowered the firm’s price target on Olo (OLO) to $7 from $10 and keeps an Overweight rating on the shares. The firm notes Olo reported healthy Q3 results and raised FY23 expectations. Despite strong results and guidance, Piper’s 2024 growth outlook is shrinking by 300bps to about 15% growth next year, based on the company’s announcement that Wingstop (WING) would not be renewing their ordering suite contract in March 2024.