Semrush price target lowered to $9 from $10 at Jefferies

Jefferies lowered the firm’s price target on Semrush to $9 from $10 and keeps a Hold rating on the shares following Q3 results the analyst calls “better than feared.” Despite trimming the firm’s target on the shares, the analyst is raising the firm’s FY24 revenue estimate by 2.5% based on momentum on price increases and the rollout of the new Enterprise tier and is also raising the firm’s FY24 adjusted net income estimate.