As previously reported, Canaccord downgraded Q2 Holdings (QTWO) to Hold from Buy with a price target of $25, down from $60. Despite what the firm sees as an ongoing urgent need for technology investment by the banking sector, the regional banking sector could come under more pressure over the coming months following the collapses of Silicon Valley (SIVB) and Signature Bank (SBNY), the analyst tells investors. Given this backdrop, the firm believes that demand for Q2’s products could soften, especially as the company generally focuses on the regional banking mid-market for much of its deal activity, the analyst added.
Published first on TheFly
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Read More on QTWO:
- Q2 Holdings downgraded to Hold from Buy at Canaccord
- Q2 Holdings price target lowered to $20 from $26 at Piper Sandler
- Q2 Holdings selloff overdone, says DA Davidson
- Q2 Holdings says less than $5,000 in cash held at SVB, no deposits at Signature
- Q2 Holdings price target raised to $38 from $36 at DA Davidson
