Semrush price target lowered to $12 from $14 at Piper Sandler

Piper Sandler lowered the firm’s price target on Semrush to $12 from $14 and keeps a Neutral rating on the shares following quarterly results. The firm notes the company continues to make solid progress on its profitability objectives. However, 2024 guidance indicates this could be the first year of below-20% top line growth and the third year of about $60M of net new ARR, Piper says. The launch of the company’s Enterprise Platform and new AI products/tools could emerge as additional growth drivers, but over the near-term, the firm believes it’s appropriate to take a prudent view on top line growth.