Piper Sandler upgrades Weave to Overweight, raises price target to $15

As previously reported, Piper Sandler upgraded Weave to Overweight from Neutral with a price target of $15, up from $8, on compelling risk-reward and on second half of the year growth recovery thesis. The firm enters 2024 with a higher degree of optimism for application software based on stabilizing demand fundamentals after two years of moderation, a declining interest rate backdrop sparking greater appetite for growth stocks, new secular tailwinds for cloud and data driven by a generational shift to AI, CIO survey optimism showing accelerating cloud and AI spending intentions, and favorable risk-reward scenarios on 2025 metrics.