Olo price target lowered to $8 from $12 at Truist

Truist analyst Terry Tillman lowered the firm’s price target on Olo to $8 from $12 but keeps a Buy rating on the shares. The company reported a “solid” Q3 with “accelerated” Olo Pay momentum, and while its cash flow was weaker than expected, this was explainable on timing of a few large receivables and billing term changes with one product, the analyst tells investors in a research note. Momentum with Olo Pay and ARPU expansion is driving higher revenue, offsetting slow roll out of large enterprise customer and likely isolated enterprise customer attrition, the firm added.