Schrodinger price target lowered to $50 from $60 at Piper Sandler

Piper Sandler lowered the firm’s price target on Schrodinger to $50 from $60 and keeps an Overweight rating on the shares following quarterly results and a pipeline update. Most notably, 2024 software guidance of +6%-13% year-over-year growth came in below PSC/Street expectations of +18% year-over-year growth. However, this seems to be largely a function several multi-year contract renewals in Q23 and how revenue is recognized over the length of contracts, Piper adds.