PagerDuty downgraded to Neutral from Outperform at Baird

Baird downgraded PagerDuty to Neutral from Outperform with a price target of $25, down from $32. The company reported mixed Q2 results, with a revenue and earnings beat while billings were below guidance, the analyst tells investors in a research note. The revenue beat was not passed though and Q3 billings were guided weaker, says the firm. Baird cites the company’s slower implied second half of fiscal 2024 growth and tougher first half of fiscal 2025 compares likely limiting upside for the downgrade.