Semrush downgraded to Neutral from Overweight at Piper Sandler

Piper Sandler downgraded Semrush to Neutral from Overweight with a price target of $14, up from $12. The stock’s 55% move since October leaves a more balanced risk/reward, the analyst tells investors in a research note. The firm says that while Semrush’s new annual recurring revenue trends in the second half of 2023 could point to strength in 2024, multiple expansion beyond 5-times sales is more limited.