Olo price target lowered to $9 from $11 at RBC Capital

RBC Capital lowered the firm’s price target on Olo to $9 from $11 but keeps an Outperform rating on the shares. The company delivered solid results with revenue and operating income outperforming expectations and the high end of guidance, the analyst tells investors in a research note. The strong momentum was partly offset by the loss of Wingstop as a customer, but it is less than 3% of Olo’s revenue, the firm states, adding that its price target cut reflects peer multiple compression.